1847 Holdings shares drop 30% after announcing reverse stock split

1847 Holdings LLC (NASDAQ:EFSH) shares fell 30% to 32 cents after announcing a 1-for-15 reverse stock split, effective November 11. This will reduce outstanding shares from about 11.4 million to 0.76 million. CEO Ellery W. Roberts stated the reverse split aims to strengthen the company's market position and support its growth strategy focused on acquiring undervalued businesses. Recently, the company sold High Mountain Door & Trim Inc. and completed an $11.1 million offering. EFSH's stock has seen significant volatility, with a 52-week high of $69.16 and a low of $0.34.