Core Viewpoint - Etao International (NASDAQ:ETAO) is implementing a reverse stock split, consolidating 20 shares into one, which has led to significant stock price movement and trading volume [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split was approved by shareholders on February 16, 2024, and is set to consolidate 20 shares of ETAO stock into a single share [1]. - There is confusion regarding the effective date of the reverse stock split, with the headline stating March 25, while the body mentions March 12, 2024, which has already passed [1]. - The reverse stock split will also trigger an increase in Etao International's authorized share capital, affecting both Class A and Class B shares [1]. Group 2: Stock Performance - As of Wednesday morning, ETAO stock has surged by 148.8%, recovering from a year-to-date decline of 70.7% as of the previous market close [2]. - The trading volume for ETAO stock exceeded 5 million shares on Wednesday, significantly higher than its daily average of approximately 245,000 shares [2].
Why Is Etao International (ETAO) Stock Up 149% Today?