American Virtual Cloud Technologies Inc (NASDAQ:AVCT) shares are trading lower by 36.6% to $0.19 during Friday's trading session after the company announced the intent to effect a reverse stock split.
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American Virtual Cloud Technologies says, as previously disclosed at the company's annual meeting of stockholders held on May 24th, the company's stockholders voted to approve three alternative amendments to the company's charter to effect a Reverse Stock Split of the company's common stock at a ratio of either 1-for-5, 1-for-10 or 1-for-15.
The board of directors subsequently approved the implementation of a 1-for-15 Reverse Stock Split.
The company's common stock is expected to begin trading on a split-adjusted basis when the market opens on October 3rd.
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According to data from Benzinga Pro, American Virtual Cloud Technologies has a 52-week high of $3.13 and a 52-week low of $0.13.