1-for-200 Reverse Split Takes Effect Thursday as Shares Sink 27%
AXG is trading near its 52-week low of $0.035 (2.8% above the low) on elevated volume (25× avg).
Summary
Solowin's 1-for-200 reverse split, approved by shareholders earlier in October, takes effect with Class A shares trading split-adjusted at Thursday's Nasdaq open. Class A shares outstanding drop from 201,529,461 to about 1,007,648 and Class B from 31,371,599 to roughly 156,858, with fractional interests rounded up. The move is aimed at clearing Nasdaq's $1 minimum bid, but the stock is down 27.51% to $0.04 Tuesday on volume approaching 300 million shares, and it has lost more than 98% since closing at $2.75 on Aug. 6. The collapse came as the former Hong Kong brokerage pivoted into AI infrastructure through AXG Digital and stablecoin exploration via AlloyX, while FY2026 revenue jumped 895% to $28.05 million with deeper losses. The company also has a $50 million at-the-market program running through Chaince Securities and a September pre-paid purchase agreement with Streeterville Capital carrying a 15% discount. First-half fiscal 2027 results are scheduled for Jan. 8.
At the time of this announcement, AXG was trading at $0.04 on NASDAQ in the Finance sector, with a market capitalization of approximately $7.7M. The 52-week trading range was $0.04 to $4.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.