Why Castor Maritime Stock Sank Today

Shares of Castor Maritime (NASDAQ: CTRM) plunged 14.2% on Monday after the shipping company said it would conduct a 1-for-10 reverse stock split.

The split will take effect on May 28. After that date, shareholders will own one share for every 10 shares they currently own. This will reduce the company's share count to roughly 90 million, down from 899.6 million today.

Castor Maritime's stock price fell sharply on Monday. Image source: Getty Images.

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Source Fool.com