Bollinger Innovations Announces 1-For-250 Reverse Stock Split

Bollinger Innovations, Inc. (BINI) on Thursday announced a 1-for-250 reverse stock split of its common stock, effective Monday.

The common stock will begin trading on a split-adjusted basis at the market open on September 22, the company said. The split is primarily intended to ensure compliance with Nasdaq listing rules that require a minimum bid price of $1. However, the firm said that there is no guarantee that it will meet the minimum bid price requirement for maintaining its Nasdaq listing.

The company added that this will be the last reverse stock split that it initiates for the next three years. Shares of the company slumped 11% at the time of writing.

On Stocktwits, retail sentiment around BINI stock stayed within the ‘bullish’ territory over the past 24 hours, while message volume stayed at ‘normal’ levels.

A Stocktwits user expressed optimism that the stock would touch $10 post-split.

A more pessimistic user, however, expects the stock to fall below $1 again.

As part of the reverse stock split, 250 current shares of the company will be automatically combined and converted into one issued and outstanding share of common stock. As of the close of business on Wednesday, there were approximately 126.2 million shares of common stock, which, after the reverse stock split, will be reduced to approximately 505,000 shares of common stock.

Earlier this month, the company said that it had initiated additional staff reductions, among other measures, as part of its efforts to reduce overall operating costs.

Bollinger’s commercial EV lineup includes a Class 1 urban delivery EV cargo van, a Class 3 urban utility EV cab chassis truck, and the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck.

BINI stock has lost nearly all its value this year. 

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