Icon Energy (ICON) said Friday it will implement a one-for-40 reverse stock split of its common stock starting Tuesday to comply with Nasdaq's $1-per-share closing bid price listing requirement.
No fractional shares will be issued; instead, a cash payment equal to the number of shares of the common stock before the reverse split will be paid, the company said.
The company's shares were down 42% in recent trading.
Price: 0.06, Change: -0.04, Percent Change: -42.00
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