Veea Stock Falls 7% After 1-For-20 Reverse Stock Split Takes Effect

(RTTNews) - Veea Inc. (VEEA) shares fell 6.89 percent to $1.92 on Monday, possibly following the company's previously announced 1-for-20 reverse stock split, which became effective after the market close on August 28.

The stock opened at $1.34 and traded between $1.34 and $1.92. Its 52-week range is $1.34 to $18.67 on the Nasdaq. Trading volume was 175,850 shares, compared with an average volume of 123,068 shares.

Under the reverse split, every 20 shares of Veea's common stock were automatically combined into one share. The company's shares began trading on a post-split basis on August 31 under the same ticker, VEEA. The company said the move does not change shareholders' proportional ownership, apart from adjustments related to fractional shares.