Coastal Capital Acquisition Corporation (OTCMKTS:CCAJ) Stock Gains On Reverse Stock Split

The announcement of plans with regards to a reverse stock split can often bring a stock into considerable focus among investors in more ways than one and one such stock at this point is Coastal Capital Acquisition Corporation (OTCMKTS:CCAJ).

Trading Data

On Friday, CCAJ stock surged 4.44% to $0.0047 with more than 327.60K shares, compared to its average volume of 1.46 million shares. The stock moved within a range of $0.0037 – 0.0047 after opening trade at $0.0037.

Coastal Capital Acquisition Corporation Reverse Stock Split

The company, which is listed on the OTC Markets, had submitted an application to FINRA back on December 1, 2022 with regards to a reverse split of its common stock in a 1 to 10 ratio. Hence, each block of 10 shares held by a shareholder is going to be turned into one share of the common stock in Coastal Capital. However, it was also noted that fractional shares are not going to be issued and the par value of the shares would remain the same. The fractional shares are going to be rounded up.

The company also noted that it was well placed for generating future growth and stability. The company noted that the reverse split is going to make it possible for the company to have more equity available for any future strategic partnerships. Additionally, it is also going to open up new financing options as well as acquisitions. It may be a good time to start tracking the Coastal Capital stock.

Technical Data

CCAJ stock is trading above the 20-Day and 50-Day Moving averages of $0.0045 and $0.0041 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0046.