Property manager Vacasa announced its intent to conduct a one-for-20 reverse stock split that’s geared to get its share price higher than $1 per share and therefore to be continued to trade on Nasdaq.
A vacation rental that Vacasa manages. Source: Vacasa
Its shares were trading for $0.48 midday on Friday.
The reverse stock split, authorized by the Vacasa board of directors September 1, would go into effect before midnight October 2, the company said. Vacasa’s split-adjusted shares would start trading on the stock market the next day.
Several companies, including Sonder, which went public via SPACs and have seen their share prices dip below $1 have similarly announced reverse stock splits.