AIkido Pharma (NASDAQ:AIKI) stock is skyrocketing on Tuesday but it’s not for the reasons some might think for a biotechnology company.
Instead, investors can look to a reverse stock split as the reason behind the massive movement of the shares today. This reverse stock split was on a one-for-17 basis and has the company’s shares trading on the Nasdaq Capital Market.
AIkido Pharma notes the reverse stock split was approved by its shareholders during a meeting last month. Following that, its Board of Directors gave their approval to the change, too. Also, AIKI stock is trading under a new CUSIP number: 0088753043.
According to the company, this reverse stock split has it decreasing its total amount of shares from 89.3 million to 5.3 million. The company also notes that any fractional shares from the reverse stock split will be rounded down to the nearest whole share.
While AIKI stock was rocketing in pre-market trading, this has been adjusted for normal trading hours. Even so, the stock is still up 5.7% as of Tuesday morning.
There’s more stock market news for investors to dive into below!
We’ve got all the hottest stock news that traders need to know about for Tuesday! A few examples of that include why shares of Bavarian Nordic (OTCMKTS:BVNRY) stock, Twitter (NYSE:TWTR) stock and Affirm Holdings (NASDAQ:AFRM) are on the move today. You can read this news at the following links!
More Tuesday Stock Market News
- Bavarian Nordic (BVNRY) Stock Gets a Boost From New Canadian Contract
- Why Is Twitter (TWTR) Stock Down Today?
- Affirm (AFRM) Stock Slumps as Apple Enters the Buy Now, Pay Later Space
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.