From where I stand, your persistent self-abuse in these markets is relentless, and pathological. Like that of a degenerate gambler. Or do you count this as another success story of yous? :-)
Bollinger Innovations has given up the fight, after doing nine reverse stock splits in three years to raise its sagging stock price above the $1 level needed to stay listed on Nasdaq.
Bill Alpert
Fri, October 10, 2025
Bollinger Innovations has given up the fight, after doing nine reverse stock splits in three years to raise its sagging stock price above the $1 level needed to stay listed on Nasdaq.
Thursday, the aspiring electric-vehicle company said it would move to a tier of the OTC Markets on Monday. So ends one of the more extreme examples of serial reverse stock splitting, in which a company combines many shares into one to raise its stock price and avoid delisting from the Nasdaq or the New York Stock Exchange.
An exchange listing exempts low-price stocks from the onerous sales restrictions adopted under the Penny Stock Reform Act of 1990. Exchange trading in such stocks has surged in recent years, as retail investors became a large part of daily market volumes.
That has given companies like Bollinger an incentive to use reverse splits to keep their stock above Nasdaq’s $1 listing threshold when trading pulls it below. After repeated splits at ratios as high as one share for 250, the compound effect of Bollinger’s splitting meant that the stock fell to less than one-quadrillionth of its previous value in just three years.
In the face of brokerage industry complaints about the reverse split maneuver, both Nasdaq and the NYSE tightened their rules in January. A Barron’s examination showed that Bollinger and others have figured out ways around the new rules, and so the number of reverse splits nearly doubled in the eight months through August.
Just this year, Bollinger reverse-split five times. A 1-for-250 split on Sept. 22 lifted the stock to $8.53. But a $1 price isn’t Nasdaq’s only listing criterion. In August, the exchange warned Bollinger that it had also fallen below the $35 million market capitalization needed to remain listed.
The company won’t contest its delisting. That news sent Bollinger stock 55% lower in Friday trading, leaving it at 63 cents.
“Moving to the OTC Markets allows the Company to continue maximizing the value of its assets versus the regulatory requirements, the time management must dedicate to compliance and reporting, and the costs involved in maintaining a listing on the Nasdaq Stock Market,” said the company’s announcement.
The company didn’t immediately respond to queries from Barron’s, including whether delisting will affect its ability to continue raising funds from two convicted felons who converted loans to the company into stock valued at more than $1.3 billion, when the company registered it on their behalf. One man was convicted of defrauding the bank where he worked, while the other was convicted of insider trading in the stock of a company he ran.
Many of those financings were conditioned on Bollinger remaining listed on Nasdaq, where its stock would be exempt from penny stock sales restrictions.
barrons.com |
