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ChargePoint Holdings Inc (NYSE:CHPT) shares are moving lower Monday after the company announced a 1-for-20 reverse stock split.
What Happened: ChargePoint on Monday implemented a reverse stock split of its common stock on a 1-for-20 basis aimed at increasing the company’s stock price in order to comply with rules for continued listing on the New York Stock Exchange.
The stock split, which was approved by shareholders on July 8, resulted in every 20 shares of ChargePoint common stock being converted into one share of common stock. The split went into effect on Monday.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in ChargePoint’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CHPT Price Action: ChargePoint stock was halted for volatility in early trading Monday. ChargePoint shares were down 14.5% at $10.44 at the time of publication, according to Benzinga Pro.
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Posted In: CHPT
