August 8th - $Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS.US)$ is about to implement a 1-for-10 reverse stock split of shares. The shares will begin trading on a split-adjusted basis from August 28th, 2023.
$Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS.US)$ slipped 3.05% and closed at $3.5 on August 7th with a turnover of $5.78 million.
What Is a Reverse Stock Split?
A reverse stock split consolidates the number of existing shares of stock held by shareholders into fewer shares. It does not directly impact a company's value. And it can signal a company in distress since it raises the value of otherwise low-priced shares.
Note:
The company's actual implementation is subject to the final disclosure submitted to the exchange. The information provided herein is for reference only.