🔴 Dragonfly Energy is trading 12.32% down after announcing a 1-for-8 reverse stock split

Dragonfly Energy is trading 12.32% down at $0.43 on October 9, following its announcement of a 1-for-8 reverse stock split.

• Effective October 12, the split is intended to lift the share price above Nasdaq’s $1.00 minimum bid requirement; coverage also described the announcement as weighing on shares.
• The stock closed at $0.49, down 28.85%, on October 8.
• Available evidence does not establish broad market weakness as the main driver.