By Chris Wack

Bit Origin said Friday that its board of directors has resolved to effect a reverse stock split with a ratio of 1-for-30, effective May 30.

The stock is currently trading at 7 cents a share, and is down 91% in the past 12 months.

Shareholders of the sustainability-focused generator of digital assets approved the reverse stock split at their annual meeting, and granted the board the authority to determine the exact split ratio.

When the reverse stock split is effective, every thirty shares will be automatically combined into one ordinary share. This will reduce the number of outstanding shares from 100.9 million to 3.3 million.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 26, 2023 13:34 ET (17:34 GMT)