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BlockBeats News, July 2nd, American Bitcoin, a Bitcoin mining company and treasury founded by Eric Trump and Donald Trump Jr., announced that it will implement a 1:15 reverse stock split next week to meet Nasdaq's minimum $1 bid price requirement.
The reverse stock split will take effect after Thursday's market close and the stock will continue trading under the symbol ABTC at the adjusted price starting next Monday. As per the arrangement, every 15 shares of Class A and Class B common stock will automatically merge into 1 share, reducing the company's outstanding shares from approximately 1.09 billion to around 73 million. The reverse stock split plan was approved at the June annual shareholders' meeting.
American Bitcoin's stock price hit a historic low of around $0.64 on Wednesday, representing a year-to-date decline of over 64%. The company currently holds 7,500 BTC and ranks as the sixteenth largest publicly traded Bitcoin holding company in the world.
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