ChargePoint Stock Sinks 20% After Reverse Stock Split Announcement

(RTTNews) - ChargePoint Holdings, Inc. (CHPT) plunged 20.24 percent to $9.74 on Monday after the electric vehicle charging company executed a 1-for-20 reverse stock split to boost its share price and maintain NYSE listing compliance.

The stock opened at $9.50 and traded between $9.00 and $11.09 on volume of 1.24 million shares, surpassing its average of 804,000 on the New York Stock Exchange. ChargePoint now trades at the bottom of its 52-week range of $9.00 to $45.40.

The move, approved by shareholders earlier this month, reduced the number of outstanding shares without altering the company's market capitalization or shareholder rights.