ATIF Holdings Stock Plunged On 5 For 1 Reverse Stock Split Announcement

ATIF Holdings Ltd (NASDAQ:ATIF) has approved a reverse stock split of its authorized, issued, and outstanding ordinary shares, par value $0.001 per share, at a ratio of 5-for-1.
The shares will begin trading on Nasdaq on a split-adjusted basis at market open on August 30, 2021.
ATIF is effecting the reverse split to maintain its listing on The Nasdaq Stock Market.
ATIF's issued and outstanding ordinary shares will be reduced from 45,806,952 to ~9,161,390 post the split.
Price Action: ATIF shares closed lower by 34.58% at $0.45 on Thursday.