Dolphin Entertainment: Gains on reverse stock-split

Dolphin Entertainment

27/11/2020 15:14

** Shares of television and film production co  DLPN.O  rise
4.08% to $3.61 after company opts for reverse stock-split
    ** Opts for 1-for-5 reverse split of its issued and
outstanding shares of common stock, which will trade on the
Nasdaq at the start of trading on Friday  urn:newsml:reuters.com:*:nACSWHkdXa
    ** The move comes as a part of the co's plan to regain
compliance with the $1 minimum bid price continued listing
requirement of the Nasdaq 
    ** The move will reduce DLPN outstanding share count from   
~32.8 mln shares to ~ 6.6 mln shares
    ** Stock has fallen 3.14% so far this year 

 (Reporting by Rithika Krishna)
 ((Rithika.Krishna@thomsonreuters.com;))