Sky Quarry Inc. (NASDAQ:SKYQ) jumped 18.84% in after-hours trading on Thursday, climbing to $0.42
According to Benzinga Pro data, the Utah-based renewable energy and environmental remediation company closed regular trading at $0.35, down 0.23%.
1-for-8 Reverse Stock Split
Last week, Sky Quarry announced that its board approved a 1-for-8 reverse stock split, effective Sunday, with shares trading on a split-adjusted basis on Nasdaq starting Monday under the same ticker.
Outstanding shares are expected to reduce from approximately 29.96 million to roughly 3.75 million.
The company said the primary goal of the stock split is to regain compliance with Nasdaq’s minimum $1 average closing price requirement for continued listing.
No fractional shares will be issued; fractional amounts will be rounded up to the nearest whole share.
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