AdvisorShares Announces Reverse Split of Psychedelics ETF

AdvisorShares, a leading provider of actively managed exchange-traded funds (ETFs), has announced a reverse split of its AdvisorShares Psychedelics ETF. This split, effective before market open on September 10th, 2024, will involve exchanging every ten shares of the Fund for one share, resulting in a decrease in the total number of outstanding shares. While the number of shares will decrease, the total value of a shareholder’s investment remains unchanged. Notably, the per-share net asset value (NAV) and the next day’s opening market price will be approximately ten times higher. This move is anticipated to boost the share price of the ETF, making it more appealing to investors. Shares of the Fund will commence trading on a split-adjusted basis on the NYSE Arca on September 10th, 2024.