SKK Holdings (NASDAQ:SKK) shares surged 15.38% after hours to $0.22 Wednesday after the board approved a 10-for-1 reverse stock split, effective Apr. 6, aimed at regaining Nasdaq minimum bid price compliance.
According to Benzinga Pro data, the stock of the Singapore-based civil engineering services provider had closed the regular session down 14.47% at $0.20.
Reverse Stock Split
SKK Holdings will consolidate its shares, reducing the total from 24.37 million to about 2.43 million, subject to rounding adjustments. The consolidation will use a new CUSIP, but the ticker will remain "SKK."
Shareholders will not need to take any action; the shares will convert automatically and no fractional shares will be issued.
To regain compliance with Nasdaq Marketplace Rule 5550(a)(2) — the exchange’s $1.00 minimum bid price requirement, SKK’s board approved the move Mar. 25.
Trading Metrics, Technical Analysis
SKK Holdings has a market capitalization of $3.62 million and a 52-week trading range of $0.92 to $0.17.
The stock has a Relative Strength Index (RSI) of 30.13.
SKK has fallen 76.22% over the past 12 months, highlighting challenges for its longer-term outlook.
The small-cap stock is currently trading near its 52-week low.
Benzinga's Edge Stock Rankings indicate that SKK has a negative price trend across all time frames.
Image via Shutterstock/ TStudious
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.