OIO's stock price plummeted 13.56% during intraday trading on Thursday following the company's announcement of a significant corporate action.
The sharp decline came after OIO Group disclosed that its board has approved a 1-for-3 reverse stock split, which will take effect on April 24. The company stated the reverse split is being implemented in connection with its planned Nasdaq listing and is intended to support compliance with Nasdaq's minimum bid price requirement.
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