Insurer Hippo hurt after announcing reverse stock split

Hippo Holdings

19/09/2022 21:25

** Shares of property insurance co Hippo Holdings Inc
 HIPO.N  down ~5% at 84 cents in extended trading
    ** Co says has approved a 1-for-25 reverse stock split, to
take effect on Sept. 30  urn:newsml:reuters.com:*:nBw84RFcKa
    ** Reverse stock splits, undertaken to boost stock prices by
reducing the number of outstanding shares, are often viewed by
investors as a sign of distress at the company
    ** As of Monday's close, stock had shed nearly 70% YTD

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))