It seems that the Renova Health Inc (OTCMKTS:RNVA) stock is still suffering from the after effects of the reverse stock split that it affected back in July. The stock continued to be in the middle of a downward spiral on Tuesday and tanked by 25% as investors continued to rush for the exits.
The latest selloff took the losses in the stock over the course of the past week to as much as 55%. In this context, it might be a good idea for investors to take a closer look at the announcement back in July with regards to the reverse stock split.
The company announced that effective July 16, 2021 it completed a 1 for 1000 reverse split of the entirety of its outstanding common stock. The stock started trading on a split adjusted basis from July 19, 2021, which was a Monday.
Due to the reverse stock split any investors who owned 1000 shares saw it get consolidated into one common share in Renova Health. In this regard, it should also be pointed out that with regards to this operation the nominal par value of the share remained unchanged at $.0001 each.
