American Bitcoin has executed a 1-for-15 reverse stock split to lift its share price above the Nasdaq's $1 minimum requirement and avoid delisting. The split, effective July 2, will reduce the company's total share count from 1.09 billion to approximately 73 million, with shares expected to begin trading on a split-adjusted basis at $8.40 when U.S. markets reopen on July 6. The move comes after the stock fell 91% since going public last year, trading at $0.56 per share, and as Bitcoin's price declined from an all-time high of $126,000 last October to $58,000 in June. American Bitcoin, co-founded by Eric Trump and majority-owned by Canada's Hut 8, went public through a SPAC merger last September and operates large-scale mining operations while accumulating Bitcoin on its balance sheet.
American Bitcoin CorpReverse stock split to avoid delisting signals financial distress and stock price decline.
Hut 8 Corp. Common StockHut 8 majority-owns American Bitcoin, whose reverse split and stock decline reflect negatively on Hut 8's investment.
Nasdaq Inc