Jaguar Health (NASDAQ: JAGX) stock plunged 35% in intraday trading Monday as the company prepares to implement a reverse stock split later this week.
Jaguar Health, Inc. (JAGX) has revealed plans to enact a 1-for-60 reverse stock split on Thursday. This strategic move will consolidate 60 shares of JAGX into a single share, effectively boosting the price of each share.
Following the reverse stock split, Jaguar Health shares will begin trading on a split-adjusted basis, when markets open on Thursday. The company reassured investors that its shares will continue to be listed on the Nasdaq under the JAGX ticker, albeit with a new CUSIP number: 47010C805.
The decision to undergo a reverse stock split comes as Jaguar Health seeks to regain compliance with the minimum bid price rule for the Nasdaq exchange. By increasing the price of its shares, the company aims to meet the exchange’s requirements and maintain its listing status.
Additionally, Jaguar Health anticipates additional benefits from the reverse stock split beyond compliance with exchange regulations. The company believes the alteration in share price and total outstanding shares will enhance its attractiveness to institutional investors, potentially broadening its investor base and supporting future growth initiatives.
Jaguar Health (NASDAQ: JAGX) Stock Price Action
JAGX stock plummeted 34.78% on Monday, closing at $0.17. This marks a 41.92% decrease over the week. The trading activity saw 62,437,669 shares changing hands, lower than the average daily volume of 71.83 million.
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