Bitcoin-mining company shares surge 30%, but firm remains below Nasdaq rule

  • By Jim Stinson
  • | 4:30 p.m. March 11, 2024
  • | 0 Free Articles Remaining!
LM Funding America's CEO Bruce Rodgers and CFO Richard Russell, in their Tampa office with a Bitcoin-mining machine.
LM Funding America's CEO Bruce Rodgers and CFO Richard Russell, in their Tampa office with a Bitcoin-mining machine.
Photo by Mark Wemple
  • Tampa Bay-Lakeland
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LM Funding America, a Tampa-based bitcoin-mining company, says it offered a 1-for-6 reverse stock split of outstanding common stock, effective at 12:01 a.m. Tuesday.

The firm's common stock, traded on Nasdaq, will then trade on a split-adjusted basis, LM Funding says in a news release.

A reverse stock split consolidates the number of existing shares of stock "into fewer, higher-priced shares," according to Investopedia.

 

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