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Rexhall Industries Inc. stock opened 50% lower today (July 22) but that was not due to the stock market tumble on Friday (July 19).
Instead, the Lancaster, Calif.-based Class A motorhome manufacturer distributed 3 million new shares before the market opened today as a result of a two-for-one stock split it announced last month.
Consequently, Rexhall’s stock will open today at round $5.03 a share. On Friday, it closed at $10.05.
There now are about 6.1 million Rexhall shares outstanding. Rexhall shareholders received one additional share of Rexhall stock for each share they already owned as a result of the stock split.