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In a notable shift within the market, OCTO stock has reached a 52-week high, touching a price level of $1.39 USD. This peak comes amidst a turbulent year for the company, which has seen its stock value undergo significant volatility. Despite the recent high, OCTO's performance over the past year reflects a substantial decline, with the stock experiencing a 1-year change of -62.5%. This contrast highlights the complex dynamics at play in the market, as investors weigh recent positive momentum against a backdrop of longer-term challenges.
In other recent news, Eightco Holdings has undertaken significant changes in its stock structure. The company has announced a 1-for-5 reverse stock split, a move that was approved by shareholders with a significant majority. This action combines every five shares of issued and outstanding common stock into one share, reducing the number of outstanding shares from approximately 8.9 million to around 1.75 million. In lieu of issuing fractional shares, stockholders will receive cash payments. The company has filed an amendment to its Certificate of Incorporation to effectuate the reverse stock split. Trading on a reverse stock split-adjusted basis will commence under the new CUSIP number 22890A302. The reverse stock split is expected to increase the per-share trading price of Eightco Holdings' common stock and improve its marketability.
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