Why Alight Stock Withered This Week
It announced a reverse stock split.
Why Alight Stock Withered This Week
Overview
Workplace solutions company Alight (NYSE: ALIT) wasn't working well for its investors in the holiday-shortened trading week.
The company formally announced a major financial engineering move, and while that was expected, market players clearly weren't encouraged. Collectively, they reduced the stock's price by almost 12% over the period, according to data compiled by S&P Global Market Intelligence.
Details
On Thursday morning, Alight announced that it was enacting a 1-for-20 reverse stock split of its class A common stock, a move ratified in a shareholder vote earlier this month. The company said the split should become effective after market close on Tuesday, June 30.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
