Baiya International Group Inc. (NASDAQ:BIYA) shares surged 51.32% to $4.60 in after-hours trading on Thursday, following a significant increase during the regular session. The stock closed at $3.04, marking an intraday gain of 8.43%, according to data from Benzinga Pro.
Trading Activity
The trading volume for Baiya reached 8.11 million shares on Thursday, approximately four times its average daily volume of 2.03 million shares. The rise in share price comes after the company announced a 1-for-10 reverse stock split of its Class A ordinary shares, which began trading on a split-adjusted basis on Monday. The reverse split was implemented to help Baiya meet Nasdaq's minimum bid price requirement of $1.
Company Background
Following the reverse split, the number of outstanding shares was reduced from about 26.99 million to approximately 2.7 million. Baiya International Group, based in China, specializes in job matching, entrusted recruitment, project outsourcing, and SaaS-enabled HR solutions. Despite the recent surge, the stock has dropped 98.44% over the past year, and it is currently trading near its annual low.
The significant rise in Baiya's stock price could influence investor sentiment in the technology and recruitment sectors, particularly regarding companies that have undergone similar corporate actions. The reverse split may improve perceptions of the stock's viability, but the overall negative price trend remains a concern.
Investors will watch for further trading activity and any additional announcements from Baiya regarding its business strategy or financial performance.