The selloff in the Ascent Solar Technologies (OTCMKTS:ASTI) continued unabated on Thursday as the company provided an update with regards to the proposed reverse split of its stock.
On Thursday, ASTI stock fell 11.22% to $0.0044 with 144.94 million shares, compared to its average volume of 54.98 million shares. The stock has moved within a range of $0.0035 – 0.0050 after opening trade at $0.0047.
Issues Update on Reverse Stock Split Process
The possibility of a reverse stock split can often lead to pessimism among investors and that is what happened with the Ascent Solar stock yesterday, as it ended the day with losses of as much as 11%. In addition to that, it should also be noted that the decline in the stock yesterday took its losses for the past week to as much as 40%. It could now be a good idea for investors to take a closer look at the update provided by Ascent Solar yesterday.
Ascent Solar noted that the 14C information statement in relation to its reverse stock split had been filed with the United States Securities and Exchange Commission back on November 29, 2021. The company also announced that the information statement is currently being mailed out to the shareholders. As per the rules of the SEC, the proposed reverse split from Ascent Solar cannot be put into place up until December 20, 2021. Additionally, it will also need the approval of FINRA.
ASTI stock is trading in the oversold zone as RSI stands at 26. The stock has pivot supports 0.002, 0.0028, 0.0036and resistances at 0.0051, 0.0058, 0.0066. The stock is down 34% in the past week.