Onfolio Announces 1-for-50 Reverse Split to Avoid Nasdaq Delisting
ONFO sits 17% above its 52-week low of $0.062 on elevated volume (13× avg).
Summary
Onfolio is executing a 1-for-50 reverse stock split effective August 10 to push its share price above $1 and regain Nasdaq compliance. The split slashes outstanding shares from roughly 42 million to about 850,000. This follows a cascade of distress signals: a 34% revenue drop and tripled net loss in Q1, a Nasdaq equity deficiency notice, and the collapse of the Paramount Helium combination in late July. The reverse split is a mechanical fix for the bid price rule, but it does nothing to address the underlying business deterioration or the going concern warning. With the float shrinking dramatically, the stock may see heightened volatility around the effective date.
At the time of this announcement, ONFO was trading at $0.07 on NASDAQ in the Technology sector, with a market capitalization of approximately $511.1K. The 52-week trading range was $0.06 to $2.48. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.