AiRWA said the reverse stock split would help it meet the Nasdaq’s $1 minimum bid price requirement for continued listing.AiRWA, formerly Connexa Sports Technologies, rebranded to its current name on Oct. 7, underscoring its thrust into the Web3 space and blockchain technology. The stock is down about 99% this year.
Nano-cap AiRWA, Inc.’s (YYAI) stock is on traders’ radar on Monday as a previously approved 1-for-50 reverse stock split becomes effective at the opening of trading on Oct. 27.
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AiRWA, formerly Connexa Sports Technologies, rebranded to its current name on Oct. 7, underscoring its thrust into the Web3 space and blockchain technology.
AirWA Chases Institutional Investors
In a statement released Thursday, AiRWA said the reverse stock split would help it meet the Nasdaq’s $1 minimum bid price requirement for continued listing. It would also increase the stock’s market price, improving its attractiveness to institutional investors.
Following the consolidation, the number of AiRWA’s outstanding common stock will reduce to about 18.98 million from 949.07 million currently. The stockholders will receive a rounded-up whole share in place of any fractional share that would have resulted from the reverse split.
In late August, the company, then called Connex Sports, struck a $500 million agreement with Singapore-based JuCoin to jointly establish aiRWA, a next-generation digital asset platform.
According to the companies, the venture will focus on real-world asset (RWA) tokenization to bring traditional investments such as real estate, government bonds, and fine art into a digital format. As part of the deal, JuCoin committed a $100 million investment in AiRWA, including about $30 million of Solana (SOL) tokens.
Insider Stake Build
Director and company insider Michael Anthony Belfiore recently bought a big chunk of shares through a series of transactions. A Form 4 with the SEC on Oct. showed that Belfiore purchased 3.21 million shares of AiWA stock between Oct. 8 and Oct. 10, valued at $1.03 million. According to the subsequent 13D filing, Belfiore now holds a 22.1% stake in AiRWA.
How Is Retail Positioned Toward AiRWA?
On Stocktwits, retail sentiment toward AiRWA stock remained ‘extremely bullish’ (78/100), and the message volume was also ‘extremely high.’
A user expects a takeoff in the stock.
Another user predicted a “massive squeeze” on Monday. According to Koyfin, the stock’s short interest is 5.70%.
AiRWA stock is down about 99% this year, while it has moved in a 52-week range of $0.0770-$316.50.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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