Why Is MySize (MYSZ) Stock Gaining 60% In Pre-Market Session Today?

After announcing a stock split, MySize Inc. (Nasdaq: MYSZ) shares increased 60.00% to trade at $0.2416 in pre-market at the last check.

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How will the MYSZ stock split occur?

MySize (MYSZ) said that the reverse stock split of its common shares, one for twenty-five, has been authorized by the board of directors. The split is expected to go into effect on December 8, 2022, after the market closes. MySize common stock will begin trading on the Nasdaq Capital Market on December 9, 2022, on a split-adjusted basis with a new CUSIP of 62844N 307.

The Nasdaq Capital Market will continue to accept orders for MySize common stock under the ticker symbol “MYSZ.” As was previously mentioned, the stockholders of the company adopted a motion at the MYSZ Annual Meeting of Stockholders held on December 7, 2022, permitting the board of directors to, among other things, divide the company’s shares into halves at a ratio ranging from one-for-ten to one-for-thirty.

In order to once again comply with Nasdaq’s continued listing requirements and to increase the common stock’s appeal to certain institutional investors, MYSZ made the decision to raise the per share price and bid price of the Company’s common stock. This move would also result in a larger investor base.

Every 25 shares of MYSZ’s existing common stock will be converted to one share upon the implementation of the reverse stock split. The per-share exercise price and the number of shares that will be issued following the exercise of all outstanding options and warrants entitling the holders to acquire common stock will also be proportionately adjusted.

What will happen when the MYSZ stock splits?

Except in the event that the reverse stock split results in any stockholder holding a fractional share, the reverse stock split will have no impact on the ownership percentage of any MySize (MYSZ) shareholder in the common stock of the company. Shares of MYSZ common stock that are fractional will be rounded to the next whole share. While the number of outstanding shares will decrease from about 36 million to approximately 1.5 million, the number of authorized shares of the company’s common stock will remain constant.