Nostalgia is a real market force and history reliably repeats itself. So it’s little wonder that Joey New York is looking to diversify and expand.
Common stock
At the start of the month, Joey New York began trading under the stock symbol JOEYD. The company is listed on the OTC (open, transparent, connected) market. And the new stock symbol signifies a common stock split.
Joey New York has issued a 1-for-200 reverse stock split. Trading to increase the number of company shares will continue through 20 August. At that time, Joey New York will again be traded under the JOEY symbol.
The future
Come Saturday, fractional shares will be rounded up, according to a company press release about the financial move. “By completing this reverse stock split, we expect to gain broader access to the institutional investment community and to take one of the necessary steps toward listing on a major exchange,” Joey Chancis, CEO of Joey New York, tells the press.
“This strengthened position will provide the availability of common stock necessary to fund future growth, expansion and transactions which could enable us to become a more diversified company,” Chancis adds.
Brand legacy
Joey New York got its start in 1993. And as a company blurb on beauty.com puts it, has long-been “known for products that give instant visible results, their focus is on developing beauty products to enhance skin, maintain youthfulness, reverse the signs of aging and perfect imperfections.”
Then, in 2012, the company re-launched with a newly formulated and repackaged collection of skin care. As Elizabeth Dehn reported at the time for marieclaire.com, “founder Joey Chancis took a hiatus to update her formulas with a star anti-aging ingredient — young coconut water — and eco-friendly packaging.”
Now the company is again looking to meet the market where it’s at with a bigger, better brand and diversified personal care product collection.