American Bitcoin Slashes Share Count 93% in Reverse Split

American Bitcoin Corp., a majority-owned subsidiary of Hut 8 (HUT), is implementing a 1-for-15 reverse stock split to meet Nasdaq's minimum bid price requirement. The move will reduce outstanding shares from approximately 1.09 billion to around 73 million, or about 6.7% of the original share count.

The reverse split aims to raise American Bitcoin's per-share price above $1, which is the minimum required for listing on Nasdaq. The company expects its Class A common stock to begin trading on a split-adjusted basis on July 6 under the same ABTC ticker and a new CUSIP number.

The reverse split will not change the number of authorized shares or the par value of the stock, and no fractional shares will be issued. Instead, holders will receive a cash payment for any fractions that would otherwise result from the split.