![]() “The Company believes that, if stockholders approve the Shift Reverse Stock Split Proposal, the Company’s board of directors will be able to effect a reverse stock split that would raise the bid price on the Company’s Class A common stock above $1.00,” the company said in the filing. That’s if it can close the deal and complete a planned reverse stock split within a range of 1-for-5 and 1-for-10, aimed at increasing the share price by shrinking the number of outstanding shares. ( BizSense file photos)īut Shift said in an SEC filing last week it holds out hope that the merger could help its stock price turn around. The Scott’s Addition-based firm disclosed its warning from Nasdaq in the spring, prior to the announcement of the Shift deal.ĬarLotz was founded in Richmond. 18 and is down around 60 percent since the CarLotz deal was announced in early August.ĬarLotz has seen a similar stock price decline and scrutiny from Nasdaq in recent months. The stock closed Tuesday at $0.58 per share, down 4 percent for the day and down 84 percent year-to-date. The Nasdaq notice came after Shift’s stock had closed at below $1 per share for more than 30 consecutive trading days. Shift Technologies, the California-based used car online retailer that hopes to absorb CarLotz later this year, received a warning last week from Nasdaq that its lagging stock price has caused it to fall out of compliance with the market’s $1 minimum price per share threshold and could be delisted if not remedied in the next six months. And now the company CarLotz plans to merge with is faced with a similar threat. Richmond-based used vehicle retailer CarLotz already is at risk of having its stock delisted from a major Wall Street index. Shift Technologies, the California-based used car online retailer that hopes to absorb CarLotz later this year, received a warning last week from Nasdaq.
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