What's Up With Guardforce AI Shares Tanking?

Guardforce AI Co Ltd GFAI shares are trading lower by 23.3% to $0.41 Thursday afternoon after the company announced a 1-for-40 reverse split.

What Else?

The reverse split will reduce the number of ordinary shares issued and outstanding from approximately 64.8 million to approximately 1.6 million.

The company's ordinary shares are expected to begin trading on the NASDAQ Capital Market on a post-split basis when the market opens on February 10.

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According to data from Benzinga Pro, GFAI has a 52-week high of $1.96 and a 52-week low of $0.12.