Wellchange Holdings Company Limited (NASDAQ:WCT) stock is trading sharply higher on Thursday.
Traders are reacting to a newly issued proxy statement that outlines a series of massive corporate restructuring proposals, including a steep reverse stock split designed to maintain its exchange listing. • Wellchange Holdings Co. shares are climbing with conviction.
What's behind WCT gains? 1-for-400 Reverse Stock Split Proposed According to an U.S.
Securities and Exchange Commission filing on Thursday, the company's board of directors is proposing a consolidation of its Class A ordinary shares at a ratio of 1-for-400.
The board noted that it intends to implement the share consolidation to increase the per-share trading price of the Class A Ordinary Shares and to support compliance with the Nasdaq Stock Market's minimum bid price requirement.
