Terra Tech (OTC: TRTC) traded sharply lower today after initial strength following news that the company is conducting a 1:15 reverse-split on March 13th, a move that was revealed on FINRA’s website:
Shareholders approved a potential reverse-split last year, with the Board of Directors authorized to do so by September 25, 2018, as reported in an SEC 8-K filing in late September. In the proxy, the Board justified it by suggesting that it would help meet quantitative standards to become listed on a higher tier exchange, to encourage greater investor interest and promote greater liquidity and to maintain capital-raising ability.
CEO Derek Peterson has repeatedly suggested that the company wouldn’t do a reverse-split without a good reason, suggesting that it would take place in conjunction with either a move to a higher exchange or as part of an acquisition. The company, which has scheduled a conference call for Thursday afternoon to discuss its Q4 financials, currently has 990 million shares authorized and 975 million shares outstanding.
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