Sonoma Pharmaceuticals Inc (NASDAQ:SNOA) shares are trading lower by 11.9% to $0.19 Wednesday morning after the company announced a 1-for-20 reverse stock split.
The stock will trade on a split-adjusted basis starting August 30, 2024. This move aims to meet Nasdaq’s $1.00 minimum bid price requirement. As a result, every 20 shares of Sonoma’s common stock will be consolidated into one share, reducing the total outstanding shares from 20 million to 1 million.
No fractional shares will be issued; instead, shareholders will receive cash for ...
