11:10, 1:10, And 3:1 Stock Splits; 4 Super Stocks Splitting On March 27; Do You Own Any?

Stock splits are buzzing and Wednesday witnessed a long queue of companies that are splitting their shares effective from March 27. To be precise, four super stocks are splitting today. The highest split is of ratio 11:20, 1:10, and 3:1 respectively. These companies are Castor Maritime Inc., Texas Pacific Land Corporation, Pacific Valley Bank, and Longeveron Inc. listed on the Nasdaq, NYSE, and OTC.

Share splits are one of the many corporate actions carried out by listed firms. During stock splits, the stocks are trending and their demand is usually high. Not just that stock splits have many perks. For instance, a stock becomes affordable once it is adjusted to the sub-division ratio, and it further improves liquidity.

Here is the list of stocks that are splitting on March 27 when the US market opens.

Castor Maritime Inc

1:10 Stock Split: Castor Maritime Inc, a diversified global shipping company, on March 22 announced that its board of directors (the "Board") has determined to effect a 1-for-10 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split by a ratio of not less than 1-for-two and not more than 1-for-100 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on September 1, 2023. The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis under their existing symbol "CTRM" on the Nasdaq Capital Market ("Nasdaq") as of the opening of trading on March 27, 2024.

When the reverse stock split becomes effective, every 10 of the Company's issued and outstanding common shares will be combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder's ownership percentage of the Company's common shares.

Texas Pacific Land Corporation

3:1 Stock Splits: Texas Pacific Land Corporation announced a stock split of 3:1 ratio. In a 3-for-1 stock split effected in the form of a 100% stock dividend, on the Payable Date each holder of record of TPL's common stock at the close of business on the Record Date receives two additional shares of TPL common stock for every share that he or she holds as of such date. In other words, after the stock split, the stockholder will hold three shares for every share held before the stock split. As a result, the total number of TPL's issued shares of common stock will be tripled, and the price at which each share of TPL's common stock trades is expected to be reduced by approximately one-third.

The stock split, once implemented, will affect all of TPL's holders of common stock uniformly and will not affect any holder's percentage ownership or proportionate voting power.

Longeveron Inc

1:10 Stock Split: Longeveron, a clinical-stage biotechnology company developing regenerative medicines for unmet medical needs, announced today that the Company's Board of Directors has approved a 1-for-10 reverse split of the Company's Class A common stock, par value $0.001 per share and Class B common stock, par value $0.001 per share (the "common stock") (the "Reverse Split"). The Reverse Split will automatically convert every ten current shares of the Company's common stock, whether issued and outstanding or held by the Company as treasury stock, into one share of fully paid and nonassessable common stock. No fractional shares will be issued in connection with the Reverse Split. Stockholders of record who would otherwise be entitled to receive a fractional share of the Company's common stock following the Reverse Split will be entitled to round up the fractional share to the nearest whole number.

The Reverse Split will reduce the aggregate number of shares of outstanding Class A common stock from approximately 10,295,426 shares to approximately 1,029,543 shares, and the number of shares of outstanding Class B common stock from approximately 14,839,993 shares to approximately 1,484,000 shares (based on outstanding shares as of March 18, 2024). The total authorized number of shares will remain unchanged.

Pacific Valley Bank

11:20 Stock Splits: US-based Pacific Valley Bank has announced a stock split in the ratio of 11-for-20. Pacific Valley Bank was created by local business leaders who were looking for a bank that truly understood the local business landscape and could provide solutions to help the local economy thrive.