Troika Media falls on reverse stock split announcement

Troika Media

31/05/2023 17:53

** Shares of consumer engagement firm Troika Media Group Inc
 TRKA.O  fall as much as 10.2% to over four-month low of 13
cents
    ** Co to effect a 1-for-25 reverse stock split of its
outstanding common stock, effective for trading purposes as of
commencement of trading on June 1
    ** Says reverse stock split was approved by its board in
accordance with Nevada law, under which no stockholder approval
is required
    ** TRKA says as a result of the reverse stock split, every
25 pre-split shares of common stock outstanding will become one
share of common stock
    ** Adds it will also proportionately reduce the number of
shares of authorized common stock from 800 mln to 32 mln
    ** Stock has risen 30.3% so far in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))