Bit Brother Ltd BETS shares are trading lower by 22% to $5.14 Thursday afternoon. The company effected a 1 for 1,000 reverse split of its Class A and Class B ordinary shares, approved by the board of directors in November.
Following the reverse split, shareholders received one new Class A ordinary share for every thousand shares held. The split-adjusted Class A shares commenced trading on Wednesday at approximately one thousand times the pre-split price per share.
As of January 8, 2024, approximately 3.8 billion Class A ordinary shares will be reduced to around 3.8 million after the 1 for 1,000 reverse split.
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According to data from Benzinga Pro, BETS has a 52-week high of $6.50 and a 52-week low of $0.0038.
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