LI Bang International Corporation Inc (NASDAQ:LBGJ) shares tumbled in Wednesday's after-hours session after the company announced a 1-for-200 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement.
The stock closed Wednesday's regular session down 20% at $0.024 before extending losses by another 23.33% in after-hours trading to $0.018.
Li Bang designs, develops, manufactures and sells stainless steel commercial kitchen equipment in China under its own "Li Bang" brand.
Reverse Stock Split Li Bang said its board of directors and shareholders approved the 1-for-200 reverse stock split, which will become effective before the market opens on Aug. 3.
The company's Class A ordinary shares will continue trading on the Nasdaq Capital Market under the ticker LBGJ and will receive a new CUSIP number.
