Interactive Strength (NASDAQ:TRNR) stock is rocketing higher on Monday after the fitness platform operator completed a reverse stock split.
Interactive Strength enacted a reverse stock split on a 1-for-40 basis when markets opened on Friday. That saw it consolidate 40 shares of TRNR stock into a single share. It maintains its current ticker and uses 45840Y203 as its new CUSIP number.
The reverse stock split is part of the company’s plan to regain compliance with Nasdaq listing standards. Specifically, the minimum bid price of $1 per share. Following the reverse split and recent rally, shares of TRNR stock are well above that minimum at roughly $6.60 as of this writing.
Interactive Strength also notes that the reverse stock split altered its total number of outstanding shares. Before the split, there were 26.6 million shares. On a post-split basis, it now has 664,526 shares on the market.
TRNR Stock Movement Today
TRNR stock is seeing heavy trading on Monday alongside its recent reverse stock split. This has more than 33 million shares of the stock changing hands as of this writing. That’s well above its daily average trading volume of only about 30,000 shares.
TRNR stock is up 129% as of Monday morning.
Investors keeping an eye out for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Monday! Among that are reverse stock splits from Workhorse (NASDAQ:WKHS) and Virgin Galactic (NYSE:SPCE) stock, as well as other stock market news worth reading about today! You can catch up on all of these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
