01.01.70
The closing consequence of $0.0047 per share represented a 66.43% loss from the previous overlook. Moreover, AGRT made a huge gap down already at market open.
Last Friday, AGR Tools filed a opening information statement to the SEC which looks like the most likely reason for the refusing reaction on the market. Through to the filing, AGRT informs its stockholders that its Lodge of Directors and the majority of the shareholders have approved a reverse stock split of the companions's outstanding shares of common stock by a ratio of 500:1.
Further, the statement says that the misadventure split should become effective on or around March 16, 2012, or as soon as regulatory acceptance is obtained. As of December 2011, AGRT had 91,823,986 issued and unsettled shares of common stock.
According to the company's latest 10-Q filing, it was incorporated in December, 2004 and is busy in manufacturing diamond tooling and related products. A reverse split would not quite solve AGRT severe liquidity problems, though. At the end of last year, it had a working matchless deficit, no substantial assets and total debts for around $914,000. In the last direction of 2011, AGRT revenues declined by nearly 70% on a year-over-year foundation.
Source: HotStocked