China-Based Baosheng Media Effects 1:6 Reverse Stock Split

Baosheng Media Group Holdings Limited (NASDAQ:BAOS) stock gained after it shared plans to consolidate its shares.
On March 21, Baosheng disclosed plans to effect a share consolidation of 6 ordinary shares with a par value of $0.0016 per share each of its issued and unissued share capital into 1 ordinary share with a par value of $0.0096.
Now, each of the 6 pre-consolidation ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share.
The Share Consolidation became effective on March 21, 2023. Starting today, the company's ordinary shares began trading on a post-share consolidation basis on the Nasdaq under the same symbol, "BAOS."
Immediately following the share consolidation, the company's authorized share capital will be $60,000 divided into 6.25 million ordinary shares of par value of $0.0096 each.
Baosheng is an online marketing solution provider in China.
In December 2022, Baosheng received a written notification from the Nasdaq that it is not in compliance with the minimum bid price requirement.
Price Action: BAOS shares traded higher by 16.67% at $4.90 on the last check Wednesday.