Here are the upcoming stock splits for the week of September 2-6, based on TipRanks’ Stock Splits Calendar. A stock split is a corporate action in which the company issues additional shares of common stock to increase the number of shares outstanding. Accordingly, the share price of the company’s stock falls, thereby preserving the market capitalization before and after the split. On the other hand, there are also reverse stock splits that reduce (consolidate) the number of shares outstanding. In this case too, the market capitalization is preserved as the stock price increases after the reverse stock split.
Companies often implement stock splits to improve the liquidity of their common stock and make it more affordable for retail investors. Let’s take a quick look at the upcoming stock splits for the week.
ARCA Biopharmaceutical (ABIO) – ARCA Biopharma is now Oruka Therapeutics following the completion of its merger with Oruka on August 29. Oruka is a clinical-stage biopharmaceutical company developing novel treatments for plaque psoriasis, psoriatic arthritis and other dermatological and inflammatory indications. On August 23, ARCA’s board of directors announced a one-for-twelve reverse stock split of ARCA’s common stock in connection with the proposed merger. The stock is expected to begin trading on an adjusted basis on the Nasdaq Global Market on September 3 under the new name Oruka Therapeutics and a new ticker “ORKA.”
Energy Resources of Australia Ltd. (EGRAF) – Energy Resources of Australia is a uranium oxide mining company. It is focused on rehabilitating the Ranger Project Area to a standard where it can be reincorporated into the surrounding Kakadu National Park if traditional owners and the Commonwealth Government so desire. The company announced a stand-down rights offering of new fully paid ordinary shares to raise up to $880 million, at an offering price of $0.002 per new share. ERA is offering 19.87 for 1 unsubscribed pro rata rights offering, the record date of which has been set for 3 September 2024.
Matinas Biopharmaceutical (MTNB) – Matinas is a clinical-stage biopharmaceutical company developing therapeutics using its lipid nanocrystal (LNC) delivery technology. The LNC platform is working to develop small molecules and small oligonucleotide-based drugs for the treatment of serious diseases such as invasive fungal infections (IFIs). Matinas’ board of directors initiated a one-for-50 reverse stock split of its common stock to resume trading on the NYSE American Stock Exchange, which was halted on August 27 due to the stock’s low trading price. The shares are expected to begin trading on a split-adjusted basis on September 3.
White River Bankshares Co. (WRIV) – White River Bancshares operates through its wholly owned community banking subsidiary, Signature Bank of Arkansas. The bank offers personal banking, business and wealth management solutions. On July 17, White River Bancshares’ board of directors announced a two-for-one stock split of the holding company’s common stock, which will be effected through a stock dividend. Each shareholder of record on August 7 will receive one additional share of common stock on September 4.
Draganfly Inc. (DPRO) – Canada-based Draganfly has been active in the professional drone industry for more than two decades. The company offers enterprise drone solutions, contract engineering services, custom software, professional UAV services and more. On August 23, the company’s board of directors announced a one-for-25 reverse stock split of its common stock. The shares are expected to begin trading on an adjusted basis on September 5.
LightInTheBox Holding Co. (LITB) – Singapore-based LightInTheBox is an e-commerce retailer that sells clothing to customers around the world. The company’s target audience is middle-aged and senior citizens. On August 27, LITB announced a one-for-six reverse stock split of its ADSs (American Depositary Shares). The reverse stock split changes the ratio of common stock to ADS from one-for-two to one-for-twelve. The ADS will begin trading on a modified basis from September 5.
Oh SA (OIBZQ) (OIBRQ) – Oi SA is a Brazilian telecommunications company that offers convergent broadband services, pay TV, local and long distance voice transmission services. On August 28, Oi announced a one-for-200 reverse stock split of its OIBRQ ADRs (American Depositary Receipts). Similarly, on August 29, the company announced a one-for-100 reverse stock split of its OIBZQ ADRs. Both ADRs are expected to begin trading on an adjusted basis on September 6.
Visit the TipRanks Stock Splits Calendar to learn more about historical and future stock splits.
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