Nexera Technologies (NEXR) Stock Drops 29%: What's Happening?

Nexera Technologies Ltd (NASDAQ: NEXR) shares fell 29.32% to $0.34 in after-hours trading Wednesday after the company announced a 1-for-5 reverse stock split scheduled to take effect Nov. 6.

Nexera Technologies is an Israel-based technology company headquartered in Bnei Brak, Israel. The company announced a definitive agreement to sell KeepZone AI to a global aerospace and defense company for up to $6 million.

Nexera Announces 1-for-5 Reverse Stock Split

Nexera Technologies announced in a Form 6-K filing dated Oct. 28 that its reverse stock split will become effective Nov. 6. The company’s ordinary shares will begin trading on a post-split basis on the Nasdaq Capital Market at the market open that day.

Under the reverse split, every five ordinary shares will be consolidated into one share. The number of issued and outstanding ordinary shares is expected to decrease from 2.51 million shares to approximately 502,630, subject to adjustments for fractional shares. The company’s authorized share capital will remain unchanged.

The filing also stated that the exercise prices of certain outstanding warrants were adjusted to $0.38148, effective Oct. 28.

Nexera Signs KeepZone AI Sale Agreement

Separately, Nexera announced on Oct. 27 that it had signed a definitive agreement to sell KeepZone AI to a global aerospace and defense company for up to $6 million.

Trading Metrics, Technical Analysis

Nexera Technologies has a market capitalization of approximately $7.01 million.

Over the past year, the stock has fallen 99.88%.

The shares have traded between a 52-week high of $37.40 and a 52-week low of $0.41.

Benzinga’s Edge Stock Rankings indicate negative short-, medium- and long-term price trends.

Price Action: In the regular session, Nexera Technologies shares fell 13.09% to close at $0.47 on Wednesday.

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