Abaxx Technologies Paves Way for Potential NASDAQ Uplisting with Stock Consolidation

  • 19. May 2023

May 19, 2023 [crocon media – msch] Abaxx Technologies Inc. (NEO: ABXX) (OTCQX: ABXXF), a financial software and market infrastructure company, has announced its intention to consolidate its common shares. The consolidation process will see three pre-consolidation common shares exchanged for one post-consolidation common share.

Such a move by Abaxx Technologies brings forth several potential implications that could positively affect the company’s position within the market. For one, this consolidation aims to improve the company’s stock liquidity and marketability, given that it will reduce the number of outstanding shares from approximately 73,548,185 to around 24,516,061.

The company has also clarified that the common shares reflecting the consolidation are expected to begin trading on the NEO Exchange on or around May 23, 2023. It is important to note that Abaxx will not be changing its name in conjunction with this consolidation. Completion of the consolidation is subject to the receipt of necessary regulatory approvals, including approval from the NEO Exchange.

Some Wall Street analysts are expressing enthusiasm about this move. They speculate that the share consolidation could be a stepping stone towards a potential uplisting to the NASDAQ. Such a move would significantly broaden the company’s exposure to a larger pool of institutional and retail investors, thereby potentially boosting its market valuation.

However, the company has not announced any plans for a NASDAQ uplisting as of this writing. It’s essential for investors to understand that this is speculative at this point, and whether the consolidation would indeed lead to an uplisting remains uncertain.

Abaxx has also made it clear that no fractional common shares will be issued as a result of the consolidation. Any fractional interest in common shares resulting from the consolidation will be rounded down to the nearest whole common share. This move is favorable to shareholders as it prevents the dilution of shares that typically comes with the issuance of fractional shares.

All in all, this consolidation move by Abaxx Technologies is a significant strategic decision that is expected to streamline its corporate structure and potentially set the stage for broader investor appeal in the future.

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