SNAP Interactive has just completed a recently announced reverse stock split.
The 1-for-35 stock split became effective at the close of trading hours on 5th January, the company beginning trading on a post-reverse stock split basis at the start of trading on the 6th.
SNAP said the stock split was part of a “broader and more proactive capital markets strategy”, pushing towards its goal of uplisting to a national securities exchange.
With the move, SNAP’s trading symbol will have an added “D” for 20 days after the business period, becoming STVID, before reverting to its original symbol.
A reverse stock split is the process where a company reduces the total number of its outstanding shares, merging them to form a smaller number of proportionally more valuable shares.
With the reverse stock split, every 35 shares of SNAP’s common stock were combined and reclassified into a single share of common stock.
In addition to this, the number of shares of common stock SNAP is authorised to issue was proportionally reduced from 500m to around 14.3m.
Last November, SNAP Interactive closed a merger with video chat room Paltalk.
The deal saw Paltalk merge with SNAP and the video chat room surviving as a wholly owned subsidiary of SNAP.
Prior to this, SNAP filed a lawsuit against the owners of Snapchat, after the Silicon Valley tech giant announced it was rebranding to Snap Inc.
Read more about the suit here.