ABTS stock touches 52-week low at $2.92 amid market challenges

In a challenging market environment, ABTS stock has approached its 52-week low of $3.06, currently trading at $3.16. According to InvestingPro analysis, the stock’s RSI indicates oversold conditions, with shares trading significantly below their 52-week high of $14.10. This price level reflects a significant downturn for the company, which has seen its stock value decrease by 69.68% over the past year. Investors are closely monitoring ABTS as it navigates through the current economic headwinds, with many keeping an eye on potential signs of recovery or further decline. The current market capitalization stands at $7.49 million, and InvestingPro analysis suggests the stock is trading below its Fair Value. With 13 additional ProTips and comprehensive financial metrics available, investors can gain deeper insights into ABTS’s potential through an InvestingPro subscription.

In other recent news, Abits Group Inc announced a share consolidation strategy to comply with Nasdaq’s listing requirements. The company’s board approved a one-for-fifteen share consolidation of its ordinary and preferred shares. This move is intended to meet the Nasdaq Marketplace Rule 5550(a)(2), which pertains to the minimum bid price of listed securities. The share consolidation became effective on February 17, 2025, with the actual market consolidation occurring on March 10, 2025. As a result, the total number of issued and outstanding ordinary shares will decrease from 35,554,677 to approximately 2,370,300, and preferred shares from 5,000,000 to about 333,333. The company will redeem fractional shares at the closing price on March 10, 2025. Despite the reduction in the number of shares, Abits Group will maintain an unlimited authorization to issue ordinary and preferred shares. These developments follow the company’s merger with Moxian, Inc. in August 2021, and its continued operations in the digital space through its subsidiary, ABIT USA, Inc.

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