logo-loader
TechHardware & electrical equipment
viewCemtrex

Cemtrex shares pop on reverse 8-to-1 stock split

The split, which occurred at 9 am ET Thursday, was changed to an 8:1 split from a 6:1 one in order to meet Nasdaq requirements

People at standing desks
The Long Island City, New York-based technology company is focused on smart technology and virtual reality

Cemtrex Inc (NASDAQ:CETX) shares shot up Thursday after the company completed a reverse stock split.

The Long Island City, New York-based technology company designed the SmartDesk, a standing workstation with multi-touch display screens, wireless connectivity and charging capacity. 

The split, which occurred at 9 am ET Thursday, allowed the company to reamin in compliance with the Nasdaq's minimum average closing price requirement. 

Initially, the company announced a 6:1 split, but shifted to 8:1 yesterday in order to meet the average requirement, meaning investors received one share for every eight they owned.

The split took the shares to $2.40 from $0.28, and since then the price has climbed another jumped 28% to $2.87.

–Updated to include info about Cemtrex's SmartDesk–

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Cemtrex

Price: 1.33 USD

NASDAQ:CETX
Market: NASDAQ
Market Cap: $4.48 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

MJ Micro conference brings together public and private cannabis companies

MJ Link, a Subsidiary of Social Like Network (OTCQB: WDLF) CEO Kenn Tapp and President of MJ Micro Todd Markey sat down with Steve Darling from Proactive Vancouver at the MJ Micro Conference held in Los Angeles. Markey talked about the success of the conference and just how they picked the...

8 hours, 22 minutes ago

2 min read