A reverse stock split approved by Bright Health's shareholders took effect May 22, according to Seeking Alpha.
The shareholders approved the split during the company's May 4 annual meeting. The insurtech company announced in March that it would ask shareholders to approve a split as it tries to remain in compliance with stock exchange listing standards. The company was warned by the New York Stock Exchange in December that it faces delisting after its average closing price fell below the $1-per-share threshold. It was given six months from the Dec. 6 notice to regain compliance.
Shareholders were asked to approve a reverse stock split that could range 1-for-15 up to 1-for-80, to be determined by Bright Health's board. On May 5, the board approved a 1-for-80 split.
Bright Health's stock price opened at $13.57 per share May 22, according to the New York Stock Exchange. The company went public in June 2021 at $18 per share.