Robin Energy Ltd. (NASDAQ:RBNE) shares fell in after-hours trading on Tuesday after the company announced a 1-for-15 reverse stock split that will take effect this week.
Robin Energy closed Tuesday’s regular session at $0.52, down 21.36%. In after-hours trading, the stock fell another 12.60% to $0.45.
Robin Energy is an international ship-owning company that provides energy transportation services through a fleet of liquefied petroleum gas (LPG) carriers.
Reverse Stock Split Takes Effect July 9
Robin Energy said its board of directors approved a one-for-15 reverse stock split of the company’s common shares. The reverse split will become effective at 11:59 p.m. ET on July 8, with the shares expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market on July 9 under the existing ticker symbol “RBNE.”
Once the reverse split takes effect, every 15 outstanding common shares will automatically be combined into one share. The company said the move will reduce its outstanding shares from approximately 8.7 million to about 0.6 million, while shareholders’ proportional ownership interests will remain unchanged, subject to rounding.
Robin Energy said no fractional shares will be issued. Shareholders entitled to fractional shares will instead receive a cash payment based on the split-adjusted closing price of the company’s common stock on July 8.
Stockholders holding shares through brokers or other nominees will not need to take any action, with the changes expected to be reflected automatically in their accounts.
Trading Metrics
Robin Energy has a market capitalization of approximately $3.36 million, with a 52-week high of $24.95 and a 52-week low of $0.49.
Over the past 12 months, RBNE shares have declined 96.23%.
Benzinga Edge Stock Rankings indicate RBNE has a negative price trend across the short, medium and long term.
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