Why ContextLogic Stock Is Getting Hammered

ContextLogic Inc WISH shares are trading lower by 17.10% to $8.13 during Wednesday's session after the company effected a 1-for-30 reverse stock split.

What Else?

ContextLogic says the reverse stock split is intended to enable the company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market.

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The 1-for-30 reverse stock split automatically converted 30 shares of the company's common stock into one new share of common stock.

Meanwhile, the reverse stock split will not reduce the number of authorized shares of ContextLogic's common stock, which will remain at 3 billion.

According to data from Benzinga Pro, WISH has a 52-week high of $68.40 and a 52-week low of $7.86.