Agrify Surges After 1-For-10 Reverse Stock Split

Agrify Corp AGFY said its Board of Directors approved a 1-for-10 reverse stock split.
The decision will be effective as of 12:01 a.m. on Tuesday, October 18, 2022.
The company's common stock will open for trading on the Nasdaq capital market on Tuesday, October 18, 2022, on a split-adjusted basis under the current trading symbol AGFY.
The reverse stock split is intended to increase the per share trading price of Agrify to enable it to satisfy the minimum bid price requirement for continued listing on the Nasdaq capital market.
The reverse stock split will reduce the number of outstanding shares from about 26.7 million to about 2.7 million shares.
The reverse stock split will not change the par value of Agrify's common stock and will not reduce the number of authorized shares of common stock.
Price Action: AGFY shares are trading higher by 13.36% at $12.13 in pre-market trading on the last check Tuesday.