Shares of Exela Technologies tumbled in their first day of trading after the company effected a reverse stock split.
The company’s stock was down 42% to $2.90 per share at 1:49 p.m. ET. Shares were trading as low as $2.62 each and for as much as $4.50 earlier in the session.
On Friday, the global business process automation company said it was effecting a 1-for-200 reverse stock split. Following the reverse split, Exela Tech had about 6.4 million shares of common stock issued and outstanding, the company said.