MW Ascena's stock now priced above $9 after 1-for-20 reverse stock split
Shares of Ascena Retail Group Inc. (ASNA) fell 2.1% in premarket trading, after the parent of Ann Taylor and Loft retail store chains implemented a 1-for-20 reverse stock split in an effort to regain compliance with the Nasdaq minimum share price continued-listing rule. The split went into effect on Wednesday at 5:30 p.m. Eastern. The split has adjusted the stock's Wednesday closing price to $9.40 from 47 cents. Ascena can regain compliance with the Nasdaq listing requirement by maintaining a closing bid price of $1.00 per share for a minimum of 10 consecutive trading sessions before Jan. 27. The reverse split has effectively reduced the number of outstanding shares to 9,972,221 from 199,444,436. The stock had plunged 81% year to date through Wednesday, while the SPDR S&P Retail ETF (XRT) has gained 11% and the S&P 500 had run up 27%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 19, 2019 07:58 ET (12:58 GMT)
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