Workhorse Group (WKHS) has provided an update.
Workhorse Group Inc. shareholders have given the green light for a reverse stock split, which the Board has set at a 1-for-20 ratio, effective June 17, 2024. This move, keeping the par value unchanged, aims to boost the company’s stock price to meet Nasdaq’s minimum bid requirement and maintain its listing. Shareholders will see their holdings consolidated, with fractional shares rounded up, and adjustments made to options and incentive plans. While the company hopes this will address compliance issues, there’s no certainty it will succeed, and failure could significantly impact their capital-raising capabilities and overall business.
For an in-depth examination of WKHS stock, go to TipRanks’ Stock Analysis page.
