The company implemented a reverse split to increase its stock price and maintain compliance with exchange listing requirements.
NFT completed a 1-for-80 reverse share split, reducing its outstanding shares by consolidating existing stock. The move aims to elevate the share price, which had fallen below exchange minimum thresholds, risking delisting.
Prior to the split, NFT’s stock traded at fractions of a cent, well below the $1 minimum required by most exchanges. Reverse splits are often used by companies to avoid delisting while attracting institutional investors who avoid low-priced stocks.
The adjusted shares began trading on a split-adjusted basis following the consolidation, with no immediate market reaction reported.