Shares of AYRO were down on Monday, the first day the stock began trading on a reverse stock split basis.
At 1:34 p.m. ET, the company’s stock was trading 17.8% lower, at $3.18 per share.
The maker of zero emission vehicles and systems effected its 1-for-8 reverse stock split to raise its common stock price and regain compliance with Nasdaq’s $1 per share minimum bid continued listing requirement, it said.
The reverse stock split reduced the number of outstanding shares to about 4.7 million from about 37.7 million.