American Bitcoin Corp announces a reverse stock split to comply with Nasdaq’s minimum bid price rule after shares hit $0.6122.
American Bitcoin Corp (ABTC) will implement a 1-for-15 reverse stock split on July 2 to meet Nasdaq’s minimum bid price requirement. The move aims to consolidate shares and lift the stock price above the exchange’s threshold.
ABTC shares fell to a record low of $0.6122 on Wednesday, down 41% over the past month and 86% year-over-year. The split will reduce the company’s outstanding shares from 1.09 billion to approximately 73 million, adjusting the per-share price.
The stock will resume trading under the same ticker (ABTC) on July 6, following the split. The broader crypto market downturn has pressured related equities, contributing to ABTC’s decline.