The news of a reverse stock split is almost always welcomed with a degree of trepidation by investors and hence, it was no surprise when the Jaguar Health Inc (NASDAQ:JAGX) declined last Friday.
The company announced that it was going to have a reverse stock split of its outstanding and issued common shares and the stock promptly fell by as much as 3.50%. This morning, the stock is expected to be in sharp focus considering the fact that the 1 for 3 reverse stock split is going to take place on September 8, 2021. That is also going to be the effective date of the stock split and the stock is going to start trading on the split adjusted basis from the same day.
The company decided to effect the reverse stock split after its proposal for the same had been approved at a Special Meeting of Shareholders. The majority of the shareholders approved the proposal and it is going to be a new era for the company when trading begins tomorrow.
Lisa Conte, who is the Chief Executive Officer and President of the company, spoke about the development as well. He said that the company was grateful to its shareholders for having approved the proposal.
