UpHealth (NYSE:UPH) said on Monday its Board of Directors had approved a 10-for-1 reverse stock split of its common stock.
(UPH) down ~9% after the bell.
The reverse stock split will become effective at 4:01 p.m., Eastern Time, on December 8.
The main goal of the reverse stock split is to increase the per share market price of the company’s common stock to meet the minimum $1 average closing price requirement for continued listing on the New York Stock Exchange.
The reverse split will reduce the number of shares of the Company’s common stock to about 15M shares.
