American Bitcoin’s stock surged to $8.40 after a reverse split to comply with Nasdaq’s $1 minimum share price requirement.
American Bitcoin (NASDAQ: $ABTC) completed a 1-for-15 reverse stock split to avoid delisting from the Nasdaq exchange. The move lifted its share price from $0.56 to $8.40, meeting the exchange’s $1 minimum threshold.
The company’s shares had fallen 91% since its public debut last September via a SPAC merger. The reverse split reduces its total share count from 1.09 billion to approximately 73 million.
$ABTC will resume trading on a split-adjusted basis on July 6. The company, majority-owned by Hut 8 (NASDAQ: $HUT), operates large-scale Bitcoin mining operations.