These are the upcoming stock splits for the week of September 2 to September 6, based on TipRanks’ Stock Splits Calendar. A stock split is a corporate action in which the company issues additional common shares to increase the number of outstanding shares. Accordingly, the stock price of the company’s shares decreases, which maintains the market capitalization before and after the split. In contrast, there are also reverse stock splits that reduce the number of outstanding shares (consolidate). In this case, too, the market cap is maintained as the share price increases following the reverse stock split.
Companies often undertake stock splits to improve the liquidity of the common shares and make them more affordable for retail investors. Let’s look quickly at the upcoming stock splits for the week.
ARCA Biopharma (ABIO) – ARCA Biopharma is now Oruka Therapeutics following the completion of its merger with Oruka on August 29. Oruka is a clinical-stage biopharmaceutical company developing novel treatments for plaque psoriasis, psoriatic arthritis, and other dermatologic and inflammatory indications. On August 23, ARCA’s board announced a one-for-12 reverse stock split of ARCA’s common stock in connection with the proposed merger. The stock is expected to start trading on a split-adjusted basis on the Nasdaq Global Market on September 3, with the new name Oruka Therapeutics and under a new ticker “ORKA.”
Energy Resources of Australia Ltd. (EGRAF) – Energy Resources of Australia is a uranium oxide mining company. It is focused on rehabilitating the Ranger Project Area to a standard where it can be reincorporated into the surrounding Kakadu National Park if traditional owners and the Commonwealth Government wish. The company announced a renounceable entitlement offer of new fully paid ordinary shares to raise up to $880 million, at an offer price of $0.002 per new share. ERA is offering 19.87 for 1 non-underwritten pro rata entitlement offer, the record date for which is set for September 3, 2024.
Matinas Biopharma (MTNB) – Matinas is a clinical-stage biopharmaceutical company that develops therapies using its lipid nanocrystal (LNC) delivery technology. The LNC platform works to develop small molecules and small oligonucleotides-based drugs for treating serious illnesses such as invasive fungal infections (IFIs). Matinas’ board undertook a one-for-50 reverse stock split of its common shares to regain trading on the NYSE American stock exchange, which was halted on August 27, due to the stock’s low trading price. Shares are expected to start trading on a split-adjusted basis on September 3.
White River Bancshares Co. (WRIV) – White River Bancshares operates through its wholly-owned community banking subsidiary, Signature Bank of Arkansas. The bank offers personal banking, business, and wealth management solutions. On July 17, White River Bancshares’ board announced a two-for-one stock split of the holding company’s common stock, which will be executed through a stock dividend. Each shareholder of record on August 7, will receive one additional share of common stock on September 4.
Draganfly Inc. (DPRO) – Canada-based Draganfly has been operating in the professional drone industry for over two decades. It offers enterprise drone solutions, contract engineering services, custom software, professional UAV services, and more. On August 23, the company’s board announced a one-for-25 reverse stock split of its common stock. Shares are expected to start trading on a split-adjusted basis on September 5.
LightInTheBox Holding Co. Ltd. (LITB) – Singapore-based LightInTheBox is an e-commerce retailer that sells apparel to customers across the globe. The company’s target customers are middle-aged and senior customers. On August 27, LITB announced a one-for-six reverse stock split of its ADS (American Depositary Shares). The reverse stock split will change the ratio of ordinary shares to ADS from one-to-two to one-to-12. Effective September 5, the ADS will start trading on a split-adjusted basis.
Oi S.A. (OIBZQ) (OIBRQ) – Oi S.A. is a Brazilian telecommunications company that offers convergent broadband services, pay TV, local, and long-distance voice transmission services. On August 28, Oi announced a one-for-200 reverse stock split of its OIBRQ ADRs (American Depositary Receipts). Similarly, on August 29, the company announced a one-for-100 reverse stock split of its OIBZQ ADRs. Both the ADRs are expected to start trading on a split-adjusted basis on September 6.
To find more information about historical and upcoming stock splits, visit the TipRanks Stock Splits Calendar.
