Team Slips 8% After Announcing 1-for-10 Reverse Stock Split

(RTTNews) - Shares of nano-cap company Team Inc. (TISI) slipped over 8% in extended hours on Friday after the company announced one-for-ten reverse stock split.

Team announced that the Board of Directors has approved a reverse stock split of the company's common stock at a ratio of one-for-ten.

The company's shareholders granted authority to the Board to effect the reverse stock split at the company's Special Meeting of Shareholders held on November 2, 2022, as adjourned to November 8, 2022. The Reverse Stock Split is scheduled to take effect at about 5:00 p.m. Eastern Time on December 21, 2022.