What's up with LATAM today

LATAM Airlines Group S.A. (LTM) experienced a significant turnaround in its stock performance today, with a notable increase in its stock price. Here's a breakdown of the key factors contributing to this positive shift:

1. Return to NYSE: LATAM's relisting on the New York Stock Exchange (NYSE) following a Chapter 11 restructuring process has been a pivotal moment for the company. This re-opening of the ADR program on the NYSE with the ticker symbol "LTM" signifies a strong step forward in LATAM's financial recovery.
2. Secondary Offering and Market Confidence: A secondary offering by some shareholders to sell 19,000,000 ADSs at a price of $24 per ADS has been successfully priced. This indicates robust market confidence in LATAM's prospects, which can positively impact the stock price.
3. Reverse Stock Split: LATAM's implementation of a 1-for-2,000 reverse stock split has adjusted the ratio of its American Depositary Shares (ADSs) to its common shares. This corporate action aims to bring the stock price closer to the customary range for a new exchange-listed equity security, which could enhance investor interest and stock performance.

In summary, LATAM's stock performance today has been bolstered by its strategic moves, including the relisting on the NYSE, the successful secondary offering, and the reverse stock split. These factors collectively contribute to a more favorable market perception of LATAM, leading to the observed increase in its stock price.