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New Fortress Energy Approves 1-for-50 Reverse Stock Split

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New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock.

The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market.

The split is expected to become effective at 8:30 a.m. ET on Friday, with the class A common stock expected to begin trading on a split-adjusted basis that day under the existing ticker symbol "NFE."

Shares of New Fortress Energy were down more than 10% in Wednesday trading.

Price: $0.23, Change: $-0.03, Percent Change: -10.46%

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