Trumps’ American Bitcoin sinks 8.4% ahead of reverse stock split to stay listed
The Trump sons’ American Bitcoin hit a low on Wednesday ahead of the company’s reverse stock split, which aims to buoy shares and keep it on the Nasdaq.
Shares in the Trump family-backed American Bitcoin (ABTC) sank to an all-time low on Wednesday after the crypto miner set a date for a 1-for-15 reverse stock split in a bid to stay listed on the Nasdaq.
American Bitcoin said its reverse stock split will go into effect after the market closes Thursday and will begin trading on a split-adjusted basis when the market opens Monday. It would continue to trade under the ticker ABTC.
It said every 15 shares of the company’s Class A and B common stock will be reclassified as one share. The company expects its common stock to be reduced from more than 1 billion outstanding shares to about 73 million.