🔴 Ocean Power Technologies is trading 27% down today after announcing a 1-for-30 reverse stock split

Ocean Power Technologies is trading 26.94% down now at $0.12 after announcing a 1-for-30 reverse stock split.

• Shareholders approved the action September 10; it takes effect at 5:00 p.m. Eastern Time September 11 to raise per-share price and improve marketability.
• Shares are expected to begin split-adjusted trading on September 14.
• The decline is company-specific rather than primarily sector-driven, with heavy selling after the announcement; the stock fell from its September 10 close of $0.16.