What’s Going On With Workhorse Group Stock Wednesday? – Workhorse Gr (NASDAQ:WKHS)

Workhorse Group Inc WKHS shares are trading lower Wednesday after the company announced a reverse stock split.

What Happened: Workhorse announced that it will effect a 1-for-12.5 reverse stock split of its common stock in an effort to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq.

The company has until March 31 to regain compliance with Nasdaq rules, which require Nasdaq-listed companies to maintain a minimum closing bid price of $1 per share for at least ten consecutive trading days.

Every 12.5 shares of the company’s common stock will be automatically combined into one share of common stock. Fractional shares resulting from the reverse split will be rounded up to the nearest whole share.

Workhorse shares will begin trading on a split-adjusted basis on March 17. The company’s common stock will continue to trade on the Nasdaq under the ticker symbol “WKHS.”

Workhorse is due to report fourth-quarter financial results sometime later this month. Analysts currently expect the company to report a loss of 42 cents per share and revenue of $3.1 million, according to estimates from Benzinga Pro.

WKHS Price Action: Workhorse shares are down nearly 95% over a one-year period. The stock was down 17.6%, trading at 30 cents at the time of publication, per Benzinga Pro.

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