Why Azitra Stock Shot Up 59% After-Hours?

Azitra Inc. (NYSEAMERICAN: AZTR) shares skyrocketed 58.71% in after-hours trading to $1.51 on Thursday, following the implementation of a 1-for-6.66 reverse stock split and significant SEC filing activity that revealed new institutional ownership.

Check out the current price of AZTR stock here. 

According to the Benzinga Pro data, the Connecticut-based biotechnology company closed regular trading at $0.95, up 5.82% for the session, before surging in extended hours. The dramatic after-hours movement came as the reverse stock split became effective at 12:01 a.m. Eastern Time on August 21.

Reverse Stock Split Details and Market Impact

According to SEC Form 8-K filed on August 20, stockholders previously approved the reverse split at a February 20 special meeting, granting the board discretion to determine timing and exact ratio. Every 6.66 shares of outstanding common stock will ...