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UpHealth falls 9% on 10-for-1 reverse stock split

  • 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.