Online ticket marketplace Vivid Seats announced it will consolidate every 20 outstanding shares of its Class A and Class B common stock into one share after the market closes Tuesday, Aug. 5, a move designed to boost the company’s per-share price ahead of Wednesday’s session on the Nasdaq Global Select Market.
The split, approved by shareholders July 21, will become effective at 5 p.m. ET. Vivid Seats’ Class A shares will continue to trade under the ticker symbol SEAT, but with a new CUSIP number (92854T209) when the market opens Aug. 6. Fractional shares will not be issued; instead, investors will receive cash in lieu of any fractional entitlements, according to the company.
Stock market information for Vivid Seats Inc (SEAT)
- Vivid Seats Inc is a equity in the USA market.
- The price is 1.45 USD currently with a change of -0.11 USD (-0.07%) from the previous close.
- The latest open price was 1.51 USD and the intraday volume is 4955.
- The intraday high is 1.51 USD and the intraday low is 1.45 USD.
- The latest trade time is Monday, August 4, 08:47:47 EDT.
Ahead of the announcement, SEAT closed Friday at $1.45, leaving the stock down nearly 20 percent over the past two weeks and well below the $10 level at which the company went public through a SPAC merger in 2021. A 1-for-20 consolidation would have lifted that closing price to roughly $29, potentially widening the pool of institutional investors and avoiding any future compliance issues with Nasdaq’s minimum-price rules.
All outstanding public warrants (ticker SEATW) and equity-based awards will be adjusted proportionally, including their exercise prices. Continental Stock Transfer & Trust is serving as exchange agent, and brokers will automatically update client accounts to reflect the reduced share count and distribute cash for fractional shares.
Reverse splits are often used by small-cap companies to shore up their market profile, although they do not change a holder’s percentage ownership. Vivid Seats did not cite a specific listing concern, but the board said the action was in the “best interests of stockholders” and could enhance liquidity by lifting the stock into a higher trading range.
Founded in 2001, Chicago-based Vivid Seats connects millions of ticket buyers with thousands of sellers for events across North America and offers a loyalty program that awards credit on every purchase. Newsweek recently named it among America’s Best Companies for Customer Service in ticketing.
