- Tidal Financial Group announced a 1-for-20 reverse stock split for its SMCI ETF.
- The move reduces outstanding shares by approximately 95%.
- Trading on a split-adjusted basis will commence on November 18, 2024.
Tidal Financial Group Announces Reverse Stock Split
Tidal Financial Group has declared a significant restructuring move by authorizing a 1-for-20 reverse stock split for the Defiance Daily Target 2X Long SMCI ETF (SMCX, Financial). Set to take effect after the Nasdaq market closes on November 15, 2024, this strategic decision is poised to impact shareholders by reducing the number of outstanding shares by approximately 95%.
Impact on Share Price and Net Asset Value
This reverse stock split will result in an adjusted share price and a corresponding change in the net asset value of the ETF. Investors should note that the adjustment will realign the stock's market position without altering the overall market capitalization or shareholders' equity.
Trading Begins on a Split-Adjusted Basis
Mark your calendars for November 18, 2024, as trading will begin on a split-adjusted basis. This transition underscores Tidal Financial Group's commitment to maintaining the ETF's market efficiency and reflects an effort to enhance its appeal among institutional investors by optimizing its trading price range.
Stay informed with GuruFocus for more insights into the latest ETF market strategies and financial analysis.
