In after marker trading shares of Aditxt Inc (NASDAQ:ADTX) are trading at $0.54 up another $0.17 (45.27%) from the closing price of $0.37. The stock was up a staggering 113.75% during the market hours today.
So why did the stock price surge today?
Before you get too excited, it’s important to know that the company today announced that it will effect a 1-for-50 reverse split of its common stock effective as of 4:01 p.m. The reverse stock split will help in raising the company’s stock price to over 1$ $1.00 per share minimum bid price requirement for continued listing.
Commencing with the opening of trading on The Nasdaq Capital Market on September 14, 2022, the Company’s common stock will trade on a post-split basis under the same symbol ADTX. The reverse stock split was approved by the Company’s stockholders at the special meeting held on September 7, 2022, with the final ratio determined by the Company’s board of directors.
Could this be the next meme stock ?
Considering Aditxt Inc (NASDAQ:ADTX) is a penny stock and has a short float of ~2M shares as per shortsqueeze.com there is a possibility that a short squeeze could play out. The possibility of a short squeeze is one reason some analysts look at a high amount of short interest as a bullish indicator.
Aditxt is a biotech innovation company developing and commercializing technologies focused on monitoring and modulating the immune system. Aditxt’s immune monitoring technologies are designed to provide a personalized immune profile. Aditxt’s immune modulating technologies, currently preclinical, are being developed to retrain the immune system to induce tolerance to address rejection of transplanted organs, autoimmune diseases and allergies.