- Towerstream (OTCPK:TWER -5.8%) says it will undergo a one-for-20 reverse stock split, effective with tomorrow's market open.
- The stock had fallen into penny-stock territory last year, falling from a 2015 high of $2.41 to $0.36 by the beginning of 2016. It's down another 60.7% YTD.
- The reverse split is set to allow the company to get back in Nasdaq compliance with a $1 minimum closing bid.
- Post-split issued and outstanding shares will number 4,517,000, from about 90.3M pre-split shares. Fractional shares will be rounded up to a whole share.