American Bitcoin Hits All-Time Low of $0.62 Before 1-for-15 Reverse Stock Split on Thursday

According to a press release from American Bitcoin, the company's shares fell to $0.62 on Wednesday (July 1), an all-time low, after announcing a 1-for-15 reverse stock split scheduled to take effect Thursday to restore compliance with Nasdaq's $1 minimum bid requirement. The stock has declined more than 63% this year.

During Wednesday's trading, ABTC shares dropped 8.4% to close at $0.62 and recovered slightly in after-hours trading to approximately $0.65. The reverse split will consolidate every 15 shares into one, reducing outstanding shares from over one billion to approximately 73 million, though this will not change the company's overall market value.