Bright Health to pursue reverse stock split to stay solvent

Bright Health Group will seek shareholder approval for a reverse stock split to raise the value of its stock, the embattled insurance company reported to the Securities and Exchange Commission Monday.

A vote is slated for the company’s annual meeting May 4. A reverse stock split would consolidate Bright Health shares by as much as one-to-80, according to the company. The board of directors would reevaluate executive compensation if the…