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Stock splits can also be used for companies with values too low (A reverse split) . These companies split to increase the value of stocks in order to prevent delisting from exchanges.

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wouldn't a split lower the value of the share price, making it closer to a "penny stock"?

It's commonly called a reverse split.

That's a reverse split. Take the price ie from 10 cents to $1 by doing a 1 for 10 reverse split.

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