TechHardware & electrical equipment

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

Market: NASDAQ
Market Cap: $4.48 m

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