Trump announces 100% chip tariff as Apple ups U.S. investment
In a challenging market environment, ABTS stock has reached a new 52-week low, with shares plummeting to $1.85. According to InvestingPro data, the stock’s RSI indicates oversold territory, while trading at an attractive Price/Book ratio of 0.45. This significant downturn reflects broader market trends and investor sentiment, as the company grapples with various headwinds. Over the past year, ABTS has seen its value erode dramatically, with Moxian Inc, its parent company, reporting a staggering 1-year change of -80.49%. This sharp decline underscores the volatility and uncertainty that have characterized the market for ABTS, as investors weigh the potential for recovery against ongoing concerns. Notably, analysis suggests the stock may be undervalued, with 13 additional key insights available on InvestingPro.
In other recent news, Abits Group Inc announced a share consolidation strategy to comply with Nasdaq’s listing requirements. The company’s board of directors has approved a one-for-fifteen share consolidation of its ordinary and preferred shares. This move aims to meet the Nasdaq Marketplace Rule 5550(a)(2), which dictates the minimum bid price of listed securities. The consolidation became effective on February 17, 2025, and the actual consolidation in the marketplace will occur on March 10, 2025. As a result, the total number of issued and outstanding ordinary shares will be reduced from 35,554,677 to approximately 2,370,300, and preferred shares from 5,000,000 to about 333,333. Fractional shares resulting from the consolidation will be redeemed by the company at the closing price of the ordinary shares on March 10, 2025. Despite the reduction, Abits Group will maintain an unlimited authorization to issue ordinary and preferred shares. This development follows the company’s merger with Moxian, Inc. in August 2021 and its subsequent focus on self-mining operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.