Why Ebet Stock Is Plummeting Today
Ebet (NASDAQ: EBET) stock is seeing big sell-offs in Monday's trading. The online-gambling specialist's share price was down 27.4% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence.
Ebet published a press release after the market closed on Friday, announcing that it was moving ahead with a reverse stock split. The move, which had not been previously announced, caught investors by surprise and is spurring a surge in bearish sentiment.
Ebet announced on Sept. 29 that it would complete a 30-for-1 stock split after the market closed on that trading day. As a result, shareholders would receive one share of Ebet stock for every 30 shares of stock that they owned at the time of the split's closure.
Source Fool.com
