Cenntro stock hits record low on 1-for-60 reverse split

Cenntro (CENN) shares plunged 26% pre-market after announcing a 1-for-60 reverse stock split effective April 13. The move seeks to regain Nasdaq compliance with the $1 minimum bid requirement. If current levels hold, the stock could hit a record low. The consolidation reduces outstanding shares from 87.9 million to approximately 1.46 million.