Origin Materials Inc ( ORGN ) shares are trading lower in Thursday’s after-hours session after the company announced a reverse stock split.

Origin Materials ( ORGN ) stock is testing lower boundaries. Why did ORGN hit a new low?

Origin Materials Announces 1-For-30 Reverse Split

After the market close on Thursday, Origin Materials ( ORGN ) announced it filed to effect a one-for-30 reverse stock split. The plan was approved by shareholders at the company’s special meeting on Feb. 17, and subsequently approved by the board on March 4.

Every 30 shares of the company's issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock, effective as of Thursday.

Origin’s common stock is set to begin trading on a split-adjusted basis at the market open on Friday under the ticker symbol “ORGN.” The company’s warrants will continue to trade on the Nasdaq under the ticker symbol “ORGNW,” but warrant holders will need to exercise 30 warrants to receive one share of common stock.

ORGN Shares Fall After The Close

ORGN Price Action: Origin Materials ( ORGN ) shares were down 5.84%, trading between 10 cents and 11 cents at the time of publication on Thursday, according to Benzinga Pro.

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