According to PANews, AGM Group, a Nasdaq-listed blockchain ASIC chip development company, has announced a stock consolidation set to take effect on June 3. The company plans to merge its shares at a ratio of 50-to-1, reducing the total number of Class A common shares from 98,713,955 to approximately 1,974,279, with each share valued at $0.05. Similarly, the total number of Class B common shares will decrease from 2,100,000 to about 42,000, maintaining the same per-share value.
Trading will commence on June 3 based on the consolidated share count, with the stock symbol remaining "AGMH." However, the CUSIP number will be updated to G0132V121. This move is part of AGM Group's strategic efforts to streamline its share structure and potentially enhance shareholder value.