Cineverse hits record low on 1-for-20 reverse stock split announcement

Cineverse

08/06/2023 19:06

** Shares of streaming technology and entertainment co
Cineverse Corp  CNVS.O  down as much as 17.9% at $0.2482, hit
lowest level ever  
    ** Co says board approved 1-for-20 reverse stock split of
the co's issued and outstanding Class A common stock 
    ** CNVS stock set to post worst day since Nov. 2021, if
losses hold 
    ** Co adds that reverse stock split will go into effect on
June 9 and common stock is expected to begin trading on Nasdaq
on split-adjusted basis on the same day 
    ** Including session losses, stock has fallen ~36% YTD 

 (Reporting by Amna Karimi in Bengaluru)
 ((Amna.Karimi@thomsonreuters.com; +91 8083261226;))