ChargePoint (NYSE:CHPT) shares fell almost 15% after the provider of EV charging solutions announced a reverse stock split at a ratio of 1-for-20, effective as of Monday’s market open.
The company said the reverse stock split aims to increase its share price to remain compliant with New York Stock Exchange listing standards.
This move was approved by ChargePoint shareholders earlier this month with a permitted split ratio range between 1-for-2 and 1-for-30, with the board deciding on the final 1-for-20 split.
Shares of Chargepoint fell 14.7% to about $10 late morning on Monday. ChargePoint shares traded around $0.60 to $0.70 per share in July before the reverse stock split.