Agrify Plans Reverse Stock Split To Regain Nasdaq Compliance
Portfolio Pulse from Vuk Zdinjak
Agrify Corporation (NASDAQ:AGFY) has announced a 1-for-20 reverse stock split, effective from July 5, 2023, to increase the per share trading price and satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The reverse stock split will reduce the number of outstanding common stock from approximately 32.5 million shares to approximately 1.6 million shares.
July 03, 2023 | 12:04 pm
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NEUTRAL IMPACT
Agrify's reverse stock split is aimed at increasing the per share trading price to meet Nasdaq's minimum bid price requirement. This will reduce the number of outstanding shares from 32.5 million to 1.6 million.
The reverse stock split will increase the per share price of Agrify's stock, which could make it more attractive to certain investors. However, it will also significantly reduce the number of outstanding shares, which could lead to increased volatility. The impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100