AgriFORCE Growing Systems has announced a reverse stock split effective December 5, 2024, to meet Nasdaq requirements.
Quiver AI Summary
AgriFORCE Growing Systems Ltd. announced a reverse stock split where every 100 shares will be combined into one, effective December 5, 2024. This move, approved by shareholders on November 25, 2024, aims to comply with Nasdaq's bid price requirements. The company focuses on leveraging technology and intellectual property to deliver sustainable solutions for agriculture, aiming to provide value to its shareholders. Forward-looking statements in the press release caution that actual results may vary due to various risks and uncertainties.
Potential Positives
- The Board of Directors approved a reverse stock split, which can help the company meet the minimum bid price requirement for continued listing on the Nasdaq.
- The reverse stock split was approved by shareholders, demonstrating investor confidence and support for the company's strategy.
- This move may position the company to attract institutional investors who often have minimum price thresholds for investment.
- The implementation of the split reflects the company's commitment to maintaining compliance with stock exchange regulations, which is crucial for long-term stability.
Potential Negatives
- The implementation of a reverse stock split may signal financial distress, as it is often associated with companies struggling to maintain their stock price above the minimum listing requirements set by exchanges, potentially damaging investor confidence.
- The reverse split requires shareholders to hold 100 shares to receive one, which could discourage retail investors, leading to reduced liquidity and further negative sentiment regarding the stock.
- Shareholder approval for the reverse stock split may indicate a lack of viable alternatives to improve the company's financial standing, raising concerns about the effectiveness of its current business strategy.
FAQ
What is the purpose of the reverse stock split by AgriFORCE?
The reverse stock split is to comply with Nasdaq's closing bid price requirement under Rule 5550(a)(2).
When will the reverse stock split take effect?
The reverse stock split will be effective at the commencement of trading on December 5, 2024.
How many shares will be combined in the reverse stock split?
Every one hundred (100) shares of outstanding common shares will be combined into one (1) common share.
What company announced the reverse stock split?
AgriFORCE Growing Systems Ltd. announced the reverse stock split.
Who approved the reverse stock split at AgriFORCE?
The Company’s Board of Directors approved the reverse stock split, with shareholder approval obtained on November 25, 2024.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AGRI Hedge Fund Activity
We have seen 4 institutional investors add shares of $AGRI stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC removed 153,901 shares (-44.2%) from their portfolio in Q3 2024
- JANE STREET GROUP, LLC removed 130,192 shares (-90.6%) from their portfolio in Q3 2024
- UBS GROUP AG added 91,234 shares (+68.6%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 63,227 shares (-86.3%) from their portfolio in Q3 2024
- XTX TOPCO LTD removed 25,884 shares (-100.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 23,901 shares (+inf%) to their portfolio in Q3 2024
- JUMP FINANCIAL, LLC added 11,527 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI), an intellectual property focused agtech company, today announced the Company’s Board of Directors has approved a reverse stock split of the Company’s issued and outstanding common shares whereby every one hundred (100) shares of its outstanding common shares will automatically be combined into one (1) common share. The reverse split was approved by the Company’s shareholders on November 25, 2024 and will be effective as of the commencement of trading on December 5, 2024. The reverse stock split is being implemented for the purpose of complying with the closing bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is a tech company focused on building an integrated platform that combines the best technology, intellectual property, and knowledge to solve an urgent problem – providing the best solutions to help drive value added benefits to our shareholders through use of sustainable technologies. Additional information about AgriFORCE is available at: www.agriforcegs.com .
Follow AgriFORCE on Twitter:
@agriforcegs
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AgriFORCE Growing Systems Ltd.
Connect with AgriFORCE on LinkedIn:
AgriFORCE Growing Systems Ltd.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the issuer. Any offer to sell or solicitation of an offer to buy securities of the issuer may only be made pursuant to a valid prospectus pursuant to an effective registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder.
Contacts
:
Richard Wong, CFO
[email protected]
CORE IR
[email protected]
