Toughbuilt Stock Got Hammered On Tuesday: What's Been Going On?

ToughBuilt Industries, Inc. TBLT shares traded lower on Tuesday. Shares of the stock began trading on a split-adjusted basis on Tuesday following a reverse stock split.

What To Know: Last Tuesday, ToughBuilt Industries announced its intention to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 65 pre-split shares, which became effective after the market close on Jan. 1.

The company's stockholders had granted its Board of Directors the discretion to effect a reverse stock split of ToughBuilt's common stock at the company's annual stockholders' meeting on Dec. 11.

Shares of ToughBuilt began trading on a split-adjusted basis when the market opened on Tuesday.

It is worth noting that trading of the stock had been halted last Friday, with shares resuming trading at 9 a.m. on Tuesday.

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TBLT Price Action: Shares of ToughBuilt were down 15.1% at $8.69 at the close of the market, according to Benzinga Pro.

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