Solowin Holdings Stock Craters as Steep Reverse Split Looms - Solowin Holdings (NASDAQ:AXG)

Solowin Holdings (NASDAQ: AXG) saw its shares crash after announcing a 1-por-200 reverse stock split. The Hong Kong-based fintech’s stock traded around 4 centavos en horario de mediodía, with volume approaching 300 million shares, according to Benzinga Pro. The reverse split applies to both Class A and Class B ordinary shares. Class A shares will begin trading on a split-adjusted basis when Nasdaq opens Thursday morning. Outstanding shares are expected to fall from 201,529,461 to about 1,007,648 for Class A, and from 31,371,599 to roughly 156,858 for Class B, with no fractional shares issued; any fractional interests will be rounded up. The move follows board and shareholder approval in early October to lift the stock above Nasdaq’s $1 minimum bid requirement. The company warned it cannot guarantee the post-split price will reflect the full ratio or remain above prior levels.