American Bitcoin, the bitcoin mining and treasury company established by Eric Trump and Donald Trump Jr., said on Wednesday it would implement a 1-for-15 reverse stock split next week as it looks to maintain compliance with Nasdaq's minimum $1 bid requirement.
The reverse split goes into effect after market close on Thursday and will open on a split-adjusted basis on Monday under the same ABTC ticker.
This means that every 15 shares of Class A and B common stock will automatically be consolidated into one share, reducing the total outstanding shares from roughly 1.09 billion to around 73 million. The split was approved by shareholders at the company's annual meeting in June.
American Bitcoin shares (ABTC) fell to a record low of around $0.64 on Wednesday and are down more than 64% year-to-date, according to The Block's crypto equities price page.
American Bitcoin (ABTC) stock price chart. Source: The Block/TradingView
