Innovation Beverage Stock Soars 100% On Reverse Stock Split Announcement

(RTTNews) - Innovation Beverage Group Limited (IBG) surged 99.10 percent to $0.73 on Tuesday, climbing $0.36, after announcing a five for one reverse stock split of its ordinary shares, effective September 26. The company will trade on a split-adjusted basis under the same Nasdaq ticker IBG, with a new CUSIP number.

The stock opened at $1.04 and traded between $0.65 and $1.30, compared with a prior close of $0.37 on the Nasdaq.

Trading volume exploded to 198.0 million shares, far above the average of 2.3 million. Innovation Beverage Group now trades within a 52-week range of $0.30 to $3.35.

The company will trade on a split-adjusted basis under the same Nasdaq ticker IBG, with a new CUSIP number. The move comes as IBG seeks to regain compliance with Nasdaq listing rules after receiving a delisting determination in August.