Bionano Genomics (BNGO) stock experienced a significant plummet of 16.39% in pre-market trading on Thursday, following the company's announcement late Wednesday about implementing a 1-for-60 reverse stock split of its outstanding common shares.
The biotech company stated that the reverse stock split will become effective late Friday, January 27th. After the split, Bionano Genomics' shares will begin trading on a split-adjusted basis, reflecting the consolidated 1-for-60 ratio.
Reverse stock splits are typically undertaken by companies to increase their stock price and regain compliance with exchange listing requirements. However, such corporate actions often lead to an immediate decline in the stock price due to the reduction in the number of outstanding shares, which appears to be the case with Bionano Genomics.
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