Future FinTech Group Inc (NASDAQ: FTFT ) shares fell 13.09% in after-hours trading Wednesday to $0.59 after the company disclosed details of a 1-for-4 reverse stock split.
The stock closed Wednesday’s regular session down 0.31% at $0.68. It then fell 13.09% to $0.59 in after-hours trading.
Future FinTech Group is a financial and digital technology services provider.
1-for-4 Reverse Stock Split
Future FinTech said its board approved a 1-for-4 reverse stock split of its common stock. The company filed articles of amendment with the Florida Department of State, with the amendment expected to become effective at 4 p.m. ET on Aug. 28.
The company said FTFT will begin trading on a reverse split-adjusted basis at the Nasdaq Capital Market’s open on Aug. 31 under the existing ticker and a new CUSIP number, 36117V600.
Shares Outstanding to Fall to 8.08M
Upon implementation, every four outstanding shares will automatically convert into one share of common stock.
Future FinTech said its outstanding common shares will decrease from approximately 32.31 million to approximately 8.08 million. The company said each shareholder’s ownership percentage will remain unchanged, subject to minor changes related to fractional shares.
No fractional shares will be issued. Holders who would otherwise receive a fractional share will receive one whole share, rounded up.
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The company said the reverse split is intended to support its ability to regain and maintain compliance with Nasdaq’s continued listing standards.
Trending Get a 1% Match on Your First Deposit of $1,000+Future FinTech’s filing said the company may face risks if the reverse split does not result in a sustained increase in its share price to at least $1. It also noted that the company’s stock could later fall below $1, potentially resulting in noncompliance or delisting proceedings.
The company warned that Nasdaq rules could also limit its ability to conduct another reverse stock split within a one-year period to regain compliance with the minimum bid-price requirement.
Trading Metrics
Future FinTech has a market capitalization of approximately $21.92 million.
The stock has a 52-week high of $62.08 and a 52-week low of $0.59.
FTFT shares are down 99.53% over the past year.
Benzinga’s Edge Stock Rankings show a negative price trend across all time frames.
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