MLI is trading at $58.83 (52.1% down) as shares begin trading on a 2-for-1 split-adjusted basis following the distribution of additional shares after the June 30 close.

  • The price drop reflects the mechanical halving of the pre-split share price (approximately $122–$123) rather than a deterioration in business fundamentals.
  • Investors are currently repositioning around the new lower per-share level as the market adjusts to the split.