Cloudastructure Inc. (NASDAQ:CSAI) shares fell in Tuesday’s after-hours session after the company announced a 1-for-30 reverse stock split aimed at regaining compliance with Nasdaq’s minimum bid price requirement.
The stock closed Tuesday’s regular session up 8.62% at $0.25 before falling 18.62% in after-hours trading to $0.20.
The company provides AI-powered video surveillance, remote monitoring and cloud-based security analytics for enterprise customers.
Reverse Stock Split
Cloudastructure said the reverse stock split, approved by shareholders, will become effective on July 31. Following the split, the company’s Class A common stock will continue trading on the Nasdaq Capital Market under the ticker CSAI, with a new CUSIP number.
The company said the reverse split is intended to increase its share price to regain and maintain compliance with Nasdaq’s $1 minimum bid price requirement for continued listing. No fractional shares will be issued, with any fractional shares rounded up to the nearest whole share.
Proportionate adjustments will also be made to outstanding equity awards, warrants and other convertible securities, as well as their applicable exercise or conversion prices.
Trading Metrics
Cloudastructure has a market capitalization of approximately $6.10 million, with a 52-week high of $2.30 and a 52-week low of $0.23.
Over the past 12 months, CSAI shares have declined approximately 86.28%.
Benzinga Edge Stock Rankings show negative price trends across the short-, medium- and long-term time frames.
Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.
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