Sphere 3D Corp (NASDAQ:ANY) shares are trading lower by 9.8% to $1.91 Thursday afternoon. The stock is falling after the company implemented a 1-for-7 reverse stock split, as approved by shareholders on June 23.
This consolidation combines every seven issued and outstanding common shares into one share, rounding up to the nearest whole share in cases of fractional shares.
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The purpose of this action is to increase the per share trading price and fulfill the minimum bid price requirement of $1.00 for continued listing on the Nasdaq Capital Market.
According to data from Benzinga Pro, ANY has a 52-week high of $6.30 and a 52-week low of $1.62.
