American Bitcoin Corp (NASDAQ:ABTC) approved a 1-for-15 reverse stock split Wednesday, a day after senators demanded hearings into the Trump family's other crypto venture, World Liberty Financial (CRYPTO: WLFI).
Shareholders Approved Three Moves At The Annual Meeting The board authorized the reverse split following shareholder approval, with the change set to take effect as soon as practicable.
The move reduces outstanding shares while leaving authorized shares unchanged, a standard tactic companies use to boost per-share price without altering total shareholder value.
Shareholders also elected Asher Genoot to the board as a Class I director for a term running through 2029 and reappointed KPMG LLP as the company's independent auditor.
Separately, directors Justin Mateen, Richard Busch, and Michael Broukhim converted their restricted stock units into ABTC shares on a 1-for-1 basis.
