Benzinga | Aug 19, 2021 04:08PM EDT

ATIF Holdings Stock Plunged On 5 For 1 Reverse Stock Split Announcement

* ATIF Holdings Ltd (NASDAQ:ATIF) has approved a reverse stock split of its authorized, issued, and outstanding ordinary shares, par value $0.001 per share, at a ratio of 5-for-1.

* The shares will begin trading on Nasdaq on a split-adjusted basis at market open on August 30, 2021.

* ATIF is effecting the reverse split to maintain its listing on The Nasdaq Stock Market.

* ATIF's issued and outstanding ordinary shares will be reduced from 45,806,952 to ~9,161,390 post the split.

* Price Action: ATIF shares closed lower by 34.58% at $0.45 on Thursday.