Shares of Smith Micro Software Inc. are down in its first trading session after the Aliso Viejo-based company initiated a reverse stock split before the start of trading today.
Investors sent shares down 3.6% in midday trading to a market value of about $27.7 million.
The reverse stock split reduced the number of outstanding shares of common stock from about 49.3 million to 12.3 million.
The move was implemented to meet the $1 minimum share price listing standard on the Nasdaq Capital Market. The company’s share price has languished under $1 for nearly a year.
