Inspire Veterinary (NASDAQ:IVP) stock is on the rise Thursday after the veterinary hospital operator enacted a reverse stock split for its shares yesterday.
That reverse stock split saw the company consolidate 100 shares of IVP stock into a single share. This also saw it drop its authorized shares from 100 million to 1 million to match the change from the reverse split.
Inspire Veterinary’s shares continue to trade on the Nasdaq Exchange following the reverse split. However, the stock now uses “45784E” as its new CUSIP number.
What’s Behind the IVP Reverse Stock Split?
Inspire Veterinary’s Board of Directors went forward with the reverse stock split to increase the price of the company’s shares. This was done to get them back above the $1 minimum bid price required to remain listed on the Nasdaq Exchange.
The Board approved the reverse stock split on April 15 following a meeting. It did not need permission from IVP shareholders to move forward with its plan.
IVP stock is up 35.3% as of Thursday morning, with more than 4.8 million shares traded. The company’s daily average trading volume is about 223,000 shares.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news worth reading about on Thursday! Among that is what has shares of Sezzle (NASDAQ:SEZL) stock up, the biggest pre-market stock movers this morning and more. All of that news is available at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
