Reverse stock splits are generally viewed with disapproval when it comes to company implementations. However, there have been instances where these splits have proven to be highly profitable when approached strategically. In this article, we will examine some recent reverse splits that exemplify this point and highlight potential overlooked opportunities that may be reaching their bottom.
One notable example is TRxADE HEALTH, Inc. (NASDAQ: MEDS), which implemented a 1-for-15 reverse stock split on 6/22/23. The stock opened at $5.89, reached a high of $11.53, and closed at $7.30, representing a 32.5% increase for the day. By 6/26/23, the stock opened at $18.40 and reached a high of $19.70, resulting in an impressive 234% gain. This move draws significant attention to other stocks undergoing share consolidation, including those that may have been overlooked. Let's delve into a few more examples.
Addentax Group Corp (NASDAQ: ATXG) announced a 1-for-10 reverse split effective from 6/30/2023. The stock opened at $6.47, hit a low of $5.58, and climbed to a high of $12.00, delivering a substantial gain of 216%. This development adds considerable momentum to the watchlist for share consolidation plays.
Propanc Biopharma, Inc. (OTC Pink: PPCB) filed a certificate with the state of Delaware on May 1st, 2023, to effectuate a 1-for-1,000 reverse split. The split took effect on 5/23/2023, and by June 30th, the stock opened at $0.0743, reaching a high of $0.2625, resulting in a significant gain of 139%. Monitoring this company further may uncover potential opportunities, as other OTC stocks may follow suit with upcoming reverse splits.
Moving on to recent share consolidation plays that may have been overlooked:
Powerbridge Technologies Co., Ltd. (NASDAQ: PBTS) announced on June 8th, 2023, that they would be implementing a 1-for-30 share consolidation. Post-consolidation, the shares began trading on June 9th. This company warrants close attention, as there has been no relief post reverse split bounce. Additionally, Powerbridge Technologies has been actively updating shareholders through press releases, with the most recent one on 6/13/23 highlighting their second contract with OPPO, a globally recognized smart device manufacturer. This partnership signifies a noteworthy achievement for Powerbridge Technologies, solidifying its position as a trusted technology partner in the international market.
Blue Star Foods Corp. (NASDAQ: BSFC) announced the implementation of a 1-for-20 reverse stock split effective from 6/20/23. Trading commenced on 6/21, and investors are closely monitoring this stock for potential reversals. On 6/22, the company issued a press release indicating that they had strengthened their balance sheet by paying off a $5 million asset-based line of credit, reducing it to zero. Furthermore, on 6/30, Blue Star Foods released another forward-looking statement, announcing the option to purchase land for an expansion in South Carolina.
Energy Focus, Inc. (NASDAQ: EFOI) began trading on a split-adjusted basis on June 20th, 2023, following a 1-for-7 reverse stock split. The reduced float of only 1.58 million shares makes this an interesting candidate to monitor closely for any communication from the company.
Marpai, Inc. (NASDAQ: MRAI) is an artificial intelligence-enabled third-party administrator transforming self-funded employer health plans. The company recently initiated a 1-for-4 reverse split on June 29th, 2023. With the recent buzz surrounding AI stocks, Marpai presents a compelling opportunity to keep a close watch on, especially as the company regularly informs shareholders of recent events through press releases.
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