Phunware Inc (NASDAQ:PHUN) announced that it will implement a 1-for-50 reverse stock split effective as of 5pm Eastern Time on February 26, 2024.
The company's shares will trade on a post-split adjusted basis as of the commencement of trading on February 27, 2024, under its existing ticker symbol "PHUN."
The provider of location-based SaaS solutions and other products said the reverse stock split is intended the increase the market price per share of its stock to regain compliance with the Nasdaq’s minimum bid listing requirement.