Upland Software shares decline following approved 1-for-10 reverse stock split

Upland Software shares dropped 5.5% after the company announced a 1-for-10 reverse stock split. The reverse split, effective June 17, aims to meet Nasdaq's minimum bid price requirement to maintain its listing. It will reduce outstanding shares from approximately 29.4 million to 2.9 million. Shareholders approved the reverse split, with the board choosing the 1-for-10 ratio from a range of 1-for-5 to 1-for-30. Trading on the adjusted basis begins before market open on June 17.