Nauticus Robotics (NASDAQ:KITT) stock is taking a beating on Friday after the ocean robots and cloud services company announced plans for a reverse split of its shares.
Nauticus Robotics will enact a one-for-36 reverse stock split for KITT shares after markets close on Monday. That will see it consolidate 36 shares of its common stock into a single share.
The reverse stock split won’t change the stakes of investors in the company. Also, any fractional shares that would be issued will be rounded up to a single share. The stock will still trade under the KITT ticker but will switch CUSIP number to 63911H 207.
What’s Behind the KITT Reverse Stock Split
Nauticus Robotics is enacting this reverse stock split to increase the price of its shares. This is due to its low trading price with KITT closing out Thursday at just 12 cents per share.
With its stock price that low, Nauticus Robotics is in danger of being delisted. The company is using the reverse stock split to boost the price of its shares and remove that threat.
KITT stock is down 18.5% as of Friday morning with more than 2.5 million shares traded. Its daily average trading volume is still well above that at 32 million shares.
Investors will want to stick around for more of the most recent stock market stories today!
We have all of the hottest stock market news traders need to know about on Friday! A few examples include what’s happening with shares of 60 Degrees (NASDAQ:SXTP) and Serve Robotics (NASDAQ:SERV) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready at go at the links below!
More Friday Stock Market News
- Why Is 60 Degrees (SXTP) Stock Up 56% Today?
- Why Is Serve Robotics (SERV) Stock Up 75% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
