SEGG Media (SEGG) parent of Sports.com, Concerts.com, and Lottery.com, said Wednesday that its board has authorized a 1-for-10 reverse split of its common stock.
The shares will begin trading on a post-split basis on Friday, pending final coordination with Nasdaq, FINRA, and its transfer agent, the company said.
SEGG Media said the reverse split is aimed at broadening access for institutional investors, improving market stability, and curbing short-selling.
Shares of the company were down more than 12% in recent Wednesday trading.
Price: 0.64, Change: -0.11, Percent Change: -14.51
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