Novo Integrated Sciences Inc, a prominent player in the holistic healthcare industry, witnessed a significant surge in its stock price by 44% today, following the commencement of trading on a Reverse Stock Split-adjusted basis. Heavy trading activity was observed for NVOS stock, with over 6.2 million shares changing hands as of the time of this report. This represents a notable increase from its average daily trading volume, which typically hovers around 3.85 million shares.
At the time of this publication, Novo Integrated Sciences Inc stock (NVOS) has witnessed a surge.
Novo Integrated Sciences Inc
Current Price: $1.74
Change : +0.53
Change (%): (44.16%)
Volume: 6.2M
Source: Tomorrow Events Market Data
The surge in stock price comes in the wake of Novo’s announcement of a 1-for-10 reverse stock split of its common stock, which took effect on November 6 after the close of trading on the Nasdaq Capital Market. The day prior to the split, Novo’s stock had experienced a substantial drop, closing at $1.21.
Novo Integrated Sciences Inc.’s stock performance over various time frames provides a comprehensive view of its recent market trends. Over the past five days, the company’s stock experienced a notable decrease of 39.36%. Looking back one month, Novo’s stock saw a substantial decline of 57.60%. However, the performance over a three-month period exhibited a remarkable upturn, with an increase of 80.24%. Year-to-date, the stock is down by 21.93%. Zooming out to a one-year perspective, Novo’s stock has declined by 37.45%. These figures offer insights into the company’s recent market movements and overall performance.
Novo’s decision to implement the reverse stock split was driven by the need to meet Nasdaq’s minimum bid price requirement and enhance the company’s positioning for shareholder value. This strategic move garnered approval from stockholders during the annual meeting held on September 29.
The company’s Board of Directors greenlit the 1-for-10 ratio with the aim of attracting a broader spectrum of institutional and retail investors. Robert Mattacchione, Novo’s CEO and Chairman, expressed strong confidence in this strategy, anticipating it will be instrumental in maximizing shareholder value.
