Wellgistics Health (NASDAQ:WGRX) shares are trading sharply lower in after-hours trading on Wednesday.

WGRX shares fell 24.3% to $0.098 in after-hours trading after the company announced a 1-for-50 reverse stock split intended to help regain compliance with Nasdaq's minimum bid price requirement.

Wellgistics Health is a healthcare technology company that provides pharmacy distribution, prescription routing and AI-powered pharmacy services through its EinsteinRx™ and PharmacyChain™ platforms. The company said its network connects more than 6,500 pharmacies and 200+ manufacturers

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Reverse Stock Split

The company said the reverse stock split will take effect on May 26 and automatically convert every 50 current shares of common stock into one share of common stock.

Wellgistics said the reverse split will reduce outstanding shares from approximately 125.7 million shares to approximately 2.5 million shares. The company added that the move is intended to increase its per-share trading price and regain compliance with Nasdaq listing requirements.

DelivMeds AI Expansion

Separately, Wellgistics recently announced plans to form DelivMeds AI with Datavault AI Inc. and expand its PharmacyChain™ healthcare platform.

The company said the DelivMeds AI initiative will integrate blockchain-enabled healthcare infrastructure, biometric verification technology and AI-powered delivery systems.

Technical And Trading Analysis

Wellgistics Health has a market capitalization of approximately $16.1 million, with a 52-week high of $2.65 and a low of $0.07.

The stock is down more than 94% over the past 12 months.

Price Action: According to market data, WGRX closed Wednesday's regular trading session down 23.2% at $0.13. Shares fell another 24.3% in after-hours trading to $0.098.

Benzinga’s Edge Stock Rankings indicate that WGRX shares currently maintain positive short-term price trends and negative medium and long-term price trends.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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