Fangdd Network (NASDAQ:DUO) stock is on the rise after the investment holding company announced an upcoming shareholder meeting.
Fangdd Network is planning to hold a shareholder meeting on Sept. 15, 2023, at 10:00 p.m. Eastern Time. The company has proposed a resolution that shareholders will be voting on during the meeting.
The matter the company intends to put to vote includes increasing its authorized share capital. It wants to boost this from $5,000 divided into 50,000,000,000 shares to $3,000,000 divided into 30,000,000,000,000 shares.
What To Know About DUO Stock
Investors will want to keep in mind that this resolution and shareholder meeting will follow an American depositary share (ADS) ratio change. This will see the company alter its ratio from one ADS representing three hundred and seventy-five shares to five thousand six hundred and twenty-five shares.
Investors will note that this essentially acts as a one-for-15 reverse stock split. It’s also set to go into effect tomorrow. The ADS ratio change will boost the company’s share price, which is currently below listing requirements.
As of this writing, more than 12 million shares of DUO stock have changed hands. That’s already well above its daily average trading volume of about 1.1 million shares. It also has the company’s stock up 47.9% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
