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Why Uxin Stock Was Plunging Today
Shares of Uxin Limited (NASDAQ: UXIN), a Chinese online used car marketplace, were tumbling today after the company announced a 1-for-10 reverse stock split. In a press release this morning, Uxin said it was changing the ratio of American depositary shares (ADSs) to Class A ordinary shares from 1-to-3 to to 1-to-30, which effectively acts as a 1-for-10 reverse ADS stock split. In May, Uxin had received a letter from the Nasdaq Stock Market saying that it was out of compliance with the stock exchange’s standards, as it doesn’t allow companies to have a share price under $1 for more than 30 days without a plan for remediation.
Source: https://finance.yahoo.com/news/amid-plunging-covid-19-test-145935130.html