Nasdaq-listed Digital Currency X seeks 160-for-1 reverse stock split

Nasdaq-listed Digital Currency X Technology (DCX) plans to seek shareholder approval for a 160-for-one reverse stock split at a shareholders’ meeting on Sept. 3, CryptoSlate reported. The company, which shifted its business from electric vehicles to cryptocurrency, plans to reduce its authorized share count to 18.75 million and then raise it back to three billion shares. A reverse stock split was also carried out in January, when the company cited efforts to avoid a Nasdaq delisting. No reason was specified for the latest proposed reverse stock split. The stock closed at $1.03 yesterday. Digital Currency X holds 157.45 million EDGEAI, valued at $402 million.