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VANCOUVER/WEST PALM BEACH - AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI), currently trading at $0.63 and down over 70% year-to-date, will implement a 1-for-9 reverse stock split effective at market open on Monday, July 28, according to a statement released Thursday.
The reverse split, which was approved by shareholders on June 6, will automatically combine every nine outstanding common shares into one share. The company’s board of directors approved the measure to comply with Nasdaq’s minimum bid price requirement under Listing Rule 5550(a)(2). InvestingPro data reveals the company operates with a significant debt burden and weak financial health metrics, with a concerning current ratio of 0.34.
AgriFORCE reported 7,851,398 shares outstanding as of July 23, which will be reduced to approximately 872,377 shares following the split.
The tech company describes itself as focused on building an integrated platform that combines technology, intellectual property, and knowledge to provide sustainable solutions.
The announcement comes as many smaller Nasdaq-listed companies face challenges maintaining the exchange’s minimum share price requirements. Reverse splits reduce the number of outstanding shares while proportionally increasing the price per share, though they do not change a company’s overall market capitalization.
The information in this article is based on a press release statement from AgriFORCE Growing Systems Ltd.
In other recent news, AgriFORCE Growing Systems Ltd. has signed a Memorandum of Understanding to acquire a minority stake in an international regulated payment services provider. The financial terms of this agreement have not been disclosed, but the partnership is expected to close in the coming months. AgriFORCE has also made significant progress in its Power & Compute Initiative in Alberta, having mined 8.67 Bitcoin to date, valued at approximately $1.1 million based on recent prices. This initiative has been accelerated over the past 90 days, and the company has launched Bitcoin mining operations at its Berwyn, Alberta site. The Berwyn facility features a 425 kW energy module that has been generating Bitcoin daily since its commissioning on June 17. Additionally, AgriFORCE has installed and commissioned mining equipment at its Oyen, Alberta site for load testing, marking further progress in its expansion plans. The Oyen site is part of a binding Letter of Intent with BlueFlare Energy Solutions Inc. These developments highlight AgriFORCE’s ongoing efforts to expand its digital asset operations.
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