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Angi Inc. (NASDAQ:ANGI), a company specializing in advertising services with a market capitalization of $846 million, has announced a 1-for-10 reverse stock split of its Class A and Class B common stock, effective as of today. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 2.14. This strategic move was previously approved by both the Board of Directors and the requisite stockholders, as detailed in a February 18, 2025, information statement.
At the opening of trading today, Angi’s Class A common stock began trading on the Nasdaq Global Select Market on a split-adjusted basis. The reverse stock split combines every 10 shares of the issued and outstanding Class A and Class B common stock into one share of the respective class, with proportional adjustments to outstanding equity awards and their exercise prices. No fractional shares will remain post-split; instead, shareholders will receive a cash settlement for any fractions. This move comes as InvestingPro analysis shows the stock has experienced significant volatility, with a beta of 1.91 and a 43% decline over the past six months.
The reverse stock split does not alter the authorized shares of Class A or Class B common stock, nor their par value. The ticker symbol for Class A common stock will continue to be "ANGI," with a new CUSIP number of 00183L201 following the split. The company’s decision to reduce the number of outstanding shares aims to consolidate share value and is a common practice among public companies seeking to adjust their stock price. Discover more detailed insights and 12 additional key metrics with InvestingPro’s comprehensive research report.
This announcement is based on a press release statement and the detailed information regarding the reverse stock split can be found in the Certificate of Amendment filed with the SEC.
In other recent news, Angi Inc. reported its fourth-quarter 2024 earnings, with revenue reaching $267.9 million, surpassing the projected $254.41 million. Earnings per share were in line with expectations at $0, marking a stable financial performance. Angi Inc. also announced a reverse stock split set for March 24, 2025, and a planned spin-off from its parent company, IAC Inc., scheduled for March 31, 2025. In a separate development, JMP Securities downgraded its price target for Angi Homeservices from $3.00 to $2.75, maintaining a Market Outperform rating despite the company’s strong quarterly results. Angi also issued over 1.2 million shares of its Class A common stock to IAC in a private transaction valued at approximately $2 million as part of an intercompany reimbursement agreement. Additionally, Angi announced executive changes, including the departure of Chief Technology Officer Kulesh Shanmugasundaram and the appointment of Kris Boon as the new Chief Product Officer. These developments reflect Angi’s ongoing strategic adjustments and corporate activities.
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