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Why Is AIkido Pharma (AIKI) Stock Up 1,400%?

AIkido Pharma (AIKI) went through a reverse stock split.
This saw it consolidating shares to trade on The Nasdaq Capital Market.
The stock is still up after adjusting for that reverse stock split.

Source: iQoncept/ShutterStock.com

AIkido P…

  • AIkido Pharma (AIKI) went through a reverse stock split.
  • This saw it consolidating shares to trade on The Nasdaq Capital Market.
  • The stock is still up after adjusting for that reverse stock split.

Source: iQoncept/ShutterStock.com

AIkido Pharma (NASDAQ:AIKI) stock is skyrocketing on Tuesday but it’s not for the reasons some might think biotechnology company.

Instead, investors can look to a reverse stock split as the reason behind the massive movement of the shares today. This reverse stock split was on a one-for-17 basis and has the company’s shares trading on The Nasdaq Capital Market.

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AIkido Pharma notes that the reverse stock split was approved by its shareholders during a meeting last month. Following that, its Board of Directors gave their approval to the change too. Also, AIKI stock is trading under a new CUSIP number 0088753043.

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According to the company, this reverse stock split has it decreasing its total amount of shares from 89,294,446 to 5,252,555 million. The company also notes that any fractional shares from the reverse stock split will be rounded down to the nearest whole share.

While AIKI stock was rocketing in pre-market trading, this has been adjusted for normal trading hours. Even so, the stock is still up 5.7% as of Tuesday morning.

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There’s more stock market news for investors to dive into below!

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We’ve got all the hottest stock news that traders need to know about for Tuesday! A few examples of that include why shares of Bavarian Nordic (OTCMKTS:BVNRY) stock, Twitter (NYSE:TWTR) stock, and Affirm Holdings (NASDAQ:AFRM) are on the move today. You can read this news at the following links!

More Tuesday Stock Market News

  • Bavarian Nordic (BVNRY) Stock Gets a Boost From New Canadian Contract
  • Why Is Twitter (TWTR) Stock Down Today?
  • Affirm (AFRM) Stock Slumps as Apple Enters the Buy Now, Pay Later Space

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

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Read More: Penny Stocks — How to Profit Without Getting Scammed

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