Retailer Tuesday Morning announces stock split, stock drops 12%

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Tuesday Morning Corp. TUEM, +18.15% said late Tuesday it was readying a 1-for-30 reverse stock split, effective Wednesday. Tuesday Morning stock will continue to trade on the Nasdaq and will begin trading on a split-adjusted basis at market open on Thursday. “The reverse stock split is primarily intended to enable Tuesday Morning to regain compliance with the $1.00 per share minimum bid price required for continued listing on Nasdaq,” the company said. As a result of the reverse stock split, every 30 shares of Tuesday Morning’s stock will be combined into one share. Shares of Tuesday Morning dropped more than 12% in the extended session Tuesday after ending the regular trading day up 18%.

This article was originally published by Marketwatch.com. Read the original article here.

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