Guardforce AI Co LTD shares were down 19%, to $15.33, in midday trading Monday as investment bank EF Hutton maintained the security-services company at “buy.”
The stock has more than doubled since the start of the year, after a year of general decline and underperformance in 2022, with share prices down 23% over the last year. The year-to-date jump comes after the AI-driven company secured two long-term contracts in January for secured logistics services.
The company announced a 1-for-40 reverse stock split on Feb. 9 as part of a Nasdaq-compliance plan. The reverse stock split will cut the number of ordinary shares issued and outstanding to an estimated 1.6 million from 64.8 million and was answered with a decline in the stock’s value.