Bionano Genomics' stock experienced an after-hours plunge of 9.38% on Wednesday, following the company's announcement of the effective date for a reverse stock split.
The biotechnology company, focused on genome analysis solutions, stated that its previously approved reverse stock split had become effective. This corporate action typically results in a decrease in the total number of outstanding shares and a corresponding increase in the stock's trading price.
While reverse stock splits do not fundamentally change a company's market capitalization or business operations, the initially higher stock price following the split can sometimes lead to a short-term sell-off by investors reacting to the cosmetic change.
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