In a tumultuous trading session, SMX shares plummeted to a 52-week low, with the stock price bottoming out at $4.05. The significant drop reflects a broader market downturn, as investors grapple with various economic pressures. This new low for SMX comes as a stark contrast to its performance over the past year, which has seen the company's stock value erode by a staggering 97.84%. The precipitous one-year decline, known as the Lionheart III 1 Year Change, underscores the volatility and challenges faced by the firm in a rapidly changing industry landscape.
In other recent news, SMX Public Limited Company has announced a significant development in its shareholding structure. The technology firm has initiated a reverse stock split of its ordinary shares at a ratio of 75:1. This adjustment, which was approved by shareholders previously, is designed to increase the per-share trading price of the company's common stock, aiming to meet NASDAQ's minimum bid price requirement for continued listing.
The reverse stock split will result in a decrease in the number of outstanding ordinary shares from approximately 39.6 million to around 528 thousand. This change will proportionately affect options, warrants, and other convertible securities of the company. Shareholders will not receive fractional shares; instead, any fractional entitlements will be aggregated and sold, with shareholders receiving the proceeds from these sales.
Shareholders holding stock certificates will receive instructions from the exchange agent, Continental Stock Transfer & Trust Company, regarding the exchange process. Those with shares in book-entry form or through a bank, broker, or other nominee will see the changes reflected in their accounts. The company has assured that no additional action is required from shareholders holding shares through banks, brokers, or nominees. These are the latest developments in the company's operations.
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