ToughBuilt Industries, Inc. TBLT endured a challenging day on Tuesday, with shares trading lower. The company began trading on a split-adjusted basis following a reverse stock split announcement.
Key Details: Last Tuesday, ToughBuilt Industries revealed its plan to implement a reverse stock split of its common stock at a ratio of 1 post-split share for every 65 pre-split shares. The reverse stock split came into effect after the market close on Jan. 1.
The company’s stockholders had previously granted its Board of Directors the discretion to effect a reverse stock split of ToughBuilt’s common stock at the annual stockholders’ meeting on Dec. 11.
Shares of ToughBuilt commenced trading on a split-adjusted basis when the market opened on Tuesday.
It is important to note that trading of the stock was halted last Friday, with shares resuming trading at 9 a.m. on Tuesday.
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TBLT Price Action: ToughBuilt’s shares were down 15.1% at $8.69 at the close of the market, according to Benzinga Pro.
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