Email security and threat intelligence solutions providing company Cyren Ltd (NASDAQ:CYRN) saw its stock go into a bit of a downward spiral on Tuesday as it ended the day with a decline of as much as 14%. Yesterday, the company came into focus after it announced that it was looking to go for a one for twenty reverse split of its common shares.
Trading Data
On Tuesday, CYRN stock plunged 14.37% to $0.2038 with 7.81 million shares, compared to its average volume of 1.25 million shares. The stock moved within a range of $0.1800 – 0.2050 after opening trade at $0.19.
Cyren Announces Reverse Share Split
It was a major announcement from Cyren for all intents and purposes and it did not go down well with investors as they headed for the exits. Following the reverse split, those who hold 20 common shares in Cyren are going to be awarded with 1 common share on a split adjusted basis.
The reverse split actually went into effect yesterday at 5 in the evening Eastern Time. The ordinary shares are going to trade on a split adjusted basis from today. It should be noted that Cyren had convened a Special Meeting of the Shareholders back on February 7 and the move to go for the reverse split had been approved by the shareholders. It is now going to be interesting to see if the stock can now make a comeback today or not.
Technical Data
CYRN stock is trading above the 20-Day and 50-Day Moving averages of $0.25 and $0.30 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.51.
