Ginkgo Bioworks (NYSE:DNA) stock is falling on Friday after the cell programming company announced plans for a reverse split of its shares.
Ginkgo Bioworks wants to enact a reverse stock split for DNA shares in the range of 1-for-20 to 1-for-40. This has it holding a shareholder meeting to get approval from investors for the reverse stock split.
That meeting is set to take place on Aug. 14, 2024, at 4:00 p.m. Eastern Time. If shareholders approve the reverse stock split, the board of directors will determine the ratio.
Additionally, the meeting will have investors vote on the company’s Amended and Restated Certificate of Incorporation. This has been updated to permit officer exculpation and remove provisions connected to its planned merger with Soaring Eagle Acquisition Corp. It also includes changes to its domestication process.
What’s Behind the DNA Reverse Stock Split
The reverse split of DNA stock would result in the price of the shares increasing. This could remove the company from delisting danger. That’s due to it trading below the $1 minimum required to remain on the New York Stock Exchange.
DNA stock is down 23.4% as of Friday morning. The stock is also down 83% since the start of the year.
Investors will want to stick around as we dive into more of the biggest stock market stories today!
We have all of the hottest stock market news that traders need to know about on Friday! A few examples include what’s going on with shares of MKDWELL (NASDAQ:MKDW), 23andMe (NASDAQ:ME) and Trump Media & Technology Group (NASDAQ:DJT) stock. You can catch up on all of these matters at the links below!
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
