Tritium implements reverse stock split to maintain listing status

Tritium, the Brisbane-based electric vehicle (EV) fast-charger group, has made headlines with its recent 200-to-one reverse stock split in a bid to keep shares above the $1 minimum required by the market regulator. The move comes after the company was ordered to delist by the Nasdaq last month.

Shareholders showed overwhelming support for the consolidation of shares, which saw Tritium’s stock value skyrocket by 12,975 per cent from US$0.05 to US$8.98 when the market opened. However, the value has since dropped by more than a fifth to US$7.84.

Tritium, founded in 2001, initially focused on engineering consulting before transitioning to develop DC fast chargers for electric vehicles in 2012. The company’s technology evolved over the years, leading to the launch of a state-of-the-art testing facility in Brisbane and the release of a new modular line of fast chargers in 2020.

Despite its achievements, Tritium has faced challenges in its financial performance, with supply chain issues and maintenance concerns impacting its results. The company made headlines last year for axing hundreds of jobs at its Brisbane factory in a bid to achieve profitability by 2024.

With an appeal pending with the Nasdaq Hearings Panel, Tritium is working to overturn the delisting order and regain its footing in the market. The company’s journey from a small engineering consulting firm to a global player in the EV fast-charging industry highlights the ups and downs of the business world.