Shift Technologies announces 1-for-10 reverse stock split

Shift Technologies announced that it will effect a 1-for-10 reverse stock split of its Class A common stock, par value $0.0001 per share, that will become effective on March 8, 2023, at 12:01 a.m., Eastern Time. Shift’s common stock will continue to trade on The Nasdaq Capital Market under the symbol "SFT" and will begin trading on a split-adjusted basis when the market opens on March 8, 2023. The reverse split is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on Nasdaq. To evidence compliance with this requirement, the closing bid price of the company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days by April 3, 2023.