FTC Solar (FTCI) said Wednesday that it will implement a reverse stock split at a ratio of 1-for-10, effective late Friday, in order to meet Nasdaq's minimum bid price requirement of $1.00 per share.
The company's stock closed at $0.36 on Tuesday, down 5.3%. It fell another 10% in recent Wednesday premarket activity.
The reverse stock split will reduce FTC's share count to around 12.8 million from 127.8 million, the company said.
Price: 0.3250, Change: -0.04, Percent Change: -9.7
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