Home Top Movers Why Insignia Systems (ISIG) shares spiked in the pre-opening session?

Why Insignia Systems (ISIG) shares spiked in the pre-opening session?

Insignia Systems (NASDAQ:ISIG) shares jumped dramatically up to 627% at $6.11 ‎due to its recent announcement that it will reverse its outstanding common stock seven-for-‎one.‎

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On a post-split basis, Nasdaq is expected to open the Company’s common stock for trading ‎on January 4, 2021.‎


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With the reverse stock split, the Company intends to comply with the minimum bid price ‎required to maintain its Nasdaq listing. Once the reverse stock split takes effect, every seven ‎shares of common stock due to be issued and outstanding by December 31, 2020, will ‎automatically be combined into one share of common stock, with no change in par value ‎per share.‎

The Company’s share number will be reduced from 40 million shares to approximately 5.7 ‎million shares after the reverse stock split has been completed. The reverse stock split will ‎not result in the issuance of fractional shares. Any fractional shares that would occur as a ‎result will be canceled in exchange for cash consideration payment.‎

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In addition to all currently available shares of common stock and stock awards, the reverse ‎stock split will affect all issued and outstanding shares of the Company’s common stock. ‎With the reverse stock split, the number of shares issuing upon the exercise or vesting of ‎equity-based awards will be reduced, while the exercise prices for those awards will also be ‎increased. All shareholders will be affected uniformly by the reverse stock split, and no ‎change will be made in a shareholder’s share value, except in those cases where a ‎fractional share adjustment is required.‎

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