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

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  • Baosheng Media Group Holdings Limited 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.
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