Why Luminar Technologies' Shares Are Getting Zapped Today

Shares of lidar maker Luminar Technologies (LAZR -9.84%) were trading sharply lower on Thursday, after the company executed a reverse stock split to avoid being delisted from the Nasdaq Stock Market. As of 11 a.m. ET, adjusted for the split, Luminar's shares were down about 10% from Wednesday's closing price. Why companies perform reverse stock splits The Nasdaq stock exchange requires listed companies to maintain a share price of at least $1 per share. If a company's stock price slips below$1 for a period ...