Nauticus Robotics Inc (NASDAQ:KITT) shares are trading lower by 32% to the $0.08-level during Friday's session after the company announced a 1-for-36 reverse stock split, which has been approved by its Board of Directors and falls within the range sanctioned by shareholders on June 17.
The company's aim is to elevate the per-share stock price to meet the Nasdaq Capital Market’s minimum bid price requirement. In the reverse stock split, every 36 shares of Nauticus’ common stock will be consolidated into one share, with fractional shares being rounded up to the nearest whole share.
The reverse split is set to become effective at 4:01 p.m. ET on July 22, with after-market trading possibly being temporarily suspended. Trading on a post-split basis will begin on July 23.
Should I Sell My KITT Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Nauticus Robotics stock currently has an RSI of 43.04, indicating neutral conditions.
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KITT has a 52-week high of $2.32 and a 52-week low of $0.11.
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