How does a stock go from 3,000,000,000 per share to [CO].11?
Investing noob here.
TOPS stock (TOP Ships Inc) on the NASDAQ is currently trading at [CO].11 per share but it used to be billions per share.
Did they continuously raise so much capital that investors kept getting diluted? Is this a result of stock splitting? I really cannot fathom that stock's early valuation.
Could such a monumental plunge happen to current high value stocks such as Amazon, Tesla, or BRK.A?
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It's even worse than you think. The high price for TOPS in 2004 was 3,502,005,248
The reason for this absurd price is that TOPS has had many, many reverse splits. Here are the ones since 2008:
03/20/2008 1 for 3
06/24/2011 1 for 10
04/21/2014 1 for 7
02/22/2016 1 for 10
05/11/2017 1 for 20
06/23/2017 1 for 15
08/03/2017 1 for 30
10/06/2017 1 for 2
03/26/2018 1 for 10
08/22/2019 1 for 20
If you hypothetically owned 7,560,000,000 shares at the outset, after all of these reverse splits, you'd own one share.
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