2023-07-03 07:44:02 ET
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Agrify ( NASDAQ: AGFY ) has approved a 1-for-20 reverse stock split of its common stock, the company said Monday.
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The reverse stock split is intended to increase the per share trading price of the company's common stock in order to regain compliance with the Nasdaq 's listing standards .
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The company’s common stock will begin trading on a split-adjusted basis when the market opens on July 5, 2023.
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The common stock will continue to trade on the Nasdaq under the ticker symbol “AGFY” but with a new CUSIP number of 00853E305.
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Shares are down 2% in premarket trade on Monday.
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Agrify announces 1-for-20 reverse stock split