FuboTV (FUBO) Stock Plunges Following 1-for-12 Reverse Split Implementation
FuboTV implemented a 1-for-12 reverse stock split, resulting in a decline of up to 10.6% in share price before partially recovering. The company's market capitalization is approximately $360 million, with a pro forma revenue of $6.2 billion over the past twelve months.
FuboTV enacted a 1-for-12 reverse stock split on March 23. The move was authorized by the board and required approval from Hulu, LLC. The reverse split is typically used to maintain stock exchange listing requirements and appeal to institutional investors. FuboTV's market capitalization has contracted to $360 million. The company's pro forma revenue is $6.2 billion, with $78 million in adjusted EBITDA. The reverse split follows the company's combination with Disney's Hulu + Live TV service, resulting in Disney owning 70% of the unified company.
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