Elbit Imaging Reveals Reverse Share Split Confirmation

Elbit Imaging Ltd. EMITF revealed that after the approval of its shareholders for the one-for-10 reverse split of the ordinary shares, it would become effective from June 27. That meant shares will commence trading on a reverse split-adjusted basis upon the open of trading on the NASDAQ Global Select Market on Monday, June 27.

Elbit Imaging said it fixed June 24 as record date for determining the holders of its ordinary shares to have their holdings adjusted due to the Reverse Share Split.

The company indicated the reverse share split was planned to boost the per share trading price of its ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Global Select Market.

Elbit said that due to the reverse stock split, every 10 ordinary shares issued and outstanding at the effective time would automatically be combined into one issued and outstanding ordinary share.

On Monday, the stock traded down by 10.18 percent.