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Shares of Cenntro Inc. (CENN) slumped nearly 26% in pre-market trading on Thursday, after the electric vehicle company announced a 1-for-60 reverse stock split, effective April 13.
If CENN shares hold their current levels after the opening bell, they would crack to an all-time low.
The company said it is implementing the consolidation in order to regain compliance with Nasdaq’s $1 minimum bid price requirement. The stock fell below $1 on June 20, 2025, and has traded below that level since then.
The move will reduce the company’s outstanding shares from about 87.9 million to roughly 1.46 million.
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