Hycroft Mining’s stock bounces off record low after reverse stock split takes effect

Shares of Hycroft Mining Holding Corp.
HYMC,
+12.62%
bounced 3.5% in morning trading Wednesday, as the gold and silver miner’s 1-for-10 reverse stock split took effect. The stock had closed Tuesday at a split-adjusted record low of $1.76, or at 17.6 cents before the split, which the company said was intended to raise the price of the stock above the Nasdaq’s minimum bid requirement for listing of $1. The stock had endeared itself with “meme”-stock traders in March 2022 — the stock rocketed 641.7% that month to close at $23.00 on March 31, 2022 — when one of the original “meme” companies AMC Entertainment Holdings Inc.
AMC,
-2.97%
disclosed that owned 46.8 million Hycroft shares, or 35.8% of the shares outstanding. Since the end of March 2022, the stock has plummeted 92%. Over the past three months, Hycroft shares have shed 49% and AMC’s stock has tumbled 74.9%, while the S&P 500
SPX,
+0.18%
has gained 1.8%.