AIRI - Air Industries Group announces 1-for 10 reverse stock split

• Air Industries Group ( NYSE: AIRI ) announced a reverse split of its issued and outstanding common stock, par value $0.001 per share, at a ratio of one share of common stock for every ten shares of common stock, effective on October 18, 2022.
• The company cleared that it has not received any notice or indication from the NYSE American, the exchange on which its common stock is currently listed, which would necessitate a reverse stock split.
• This reverse stock split was authorized by the company’s Board of Directors on September 8, 2022.
• As a result of the reverse split, the number of outstanding common shares will be reduced from 32,324,670 shares to 3,232,467 shares.
• AIRI stock down 17% in response to this news.

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