24/7 Market News Snapshot 12 November, 2024 – Shineco, Inc. Common Stock (NASDAQ:SISI)

November 12, 2024

DENVER, Colo., 12 November, 2024 (247marketnews.com) – (NASDAQ:SISI) are discussed in this article.
Shineco, Inc. (SISI) has demonstrated a significant upward trend in its stock performance, opening at $2.70 and currently trading at $3.135, reflecting an increase of approximately 13.49%. This surge is supported by a robust trading volume of 501.65K shares, indicating heightened investor interest. The previous close at $2.762 contextualizes today’s performance, marking a break from recent resistance levels. As the stock nears key psychological resistance, market analysts suggest close monitoring of moving averages and momentum indicators for signs of either continuity or reversal of this trend.

In a parallel strategic initiative, Shineco announced a one-for-twenty-four reverse stock split, effective November 12, 2024, at 12:01 a.m. EDT. This decision is aimed at maintaining compliance with Nasdaq Capital Market’s minimum listing requirements, while reinforcing the company’s market presence. Under this reverse split, twenty-four shares will consolidate into one, resulting in approximately 1,613,898 shares outstanding. The company will continue trading under the ticker symbol “SISI.” Importantly, this transaction will not alter shareholders’ percentage ownership, as any fractional shares will round up to the nearest whole share.

The reverse stock split will also influence the number of shares available under stock options and warrants, proportionally adjusting exercise prices accordingly. The intent behind this strategy is to facilitate a seamless transition for shareholders, with registered stockholders not required to take any action to receive their new post-split shares, while accounts held within brokerage firms will undergo automatic adjustments.

As Shineco remains focused on delivering innovative medical diagnostic products, the company is committed to enhancing shareholder value and improving quality of life through its diverse portfolio of healthcare solutions.

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