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.
As of 12:45 p.m. ET, the stock was down 30.1%.
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. The change will go into effect on Oct. 28.
Source Fool.com
