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What's Going On With Workhorse Group Stock Monday?

Benzinga ·  Jun 17 20:51

Workhorse Group Inc (NASDAQ:WKHS) shares are in the spotlight Monday as the stock begins trading on a split-adjusted basis. Here's a look at what you need to know.

What To Know: Workhorse announced a 1-for-20 reverse stock split of its common stock last week after shareholders approved the move at the company's annual meeting of stockholders in May.

The reverse stock split is aimed at increasing the market price of Workhorse's common stock to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq. Workhorse has until Sept. 16 to comply with the minimum bid rule, which requires the company's stock to trade above $1 for 10 consecutive trading days.

Every 20 shares of the company's common stock has been combined into one share. No fractional shares will be issued in connection with the reverse stock split. Empire Stock Transfer is acting as the exchange agent and will send stockholders a transaction statement indicating the number of shares of common stock that stockholders hold following the split.

How To Buy WKHS Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Workhorse's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

WKHS Price Action: Workhorse shares were hovering around $3 on a split-adjusted basis at the time of publication Monday, according to Benzinga Pro.

Photo: 3844328 from Pixabay.

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