Profusa Inc. (NASDAQ:PFSA) shares are trending on Tuesday night.
Shares of the commercial-stage digital health and bioengineering company fell 35.04% to $17.85 after the bell on Tuesday.
The drop in the late trading session follows a massive intraday surge of 506.62% to $27.48, according to Benzinga Pro data.
Volume Spikes 221x Average
The stock experienced an extremely elevated trading session on Tuesday. A total of 53.54 million shares were traded, compared with an average daily volume of 241,870 shares. This was approximately 221 times the stock’s average trading volume.
The stock move came alongside a Securities and Exchange Commission filing, where Profusa invited stockholders to a special meeting on Sep. 18 to vote on a proposal allowing the board to carry out one or more reverse stock splits, at a ratio of 1-for-2 to 1-for-12, over the next two years. The par value of the common stock is $0.0001 per share and will not change as a result of the split.
Stockholders of record as of the close of business on Wednesday will be entitled to vote at the special meeting.
Nasdaq Compliance At The Core
The company said this proposed reverse split is intended to help it regain compliance with Nasdaq’s minimum bid price requirement and boost liquidity by facilitating future financing to attract new investors.
According to the SEC filing, Profusa has already carried out three reverse stock splits this year, 1-for-75 in February, 1-for-25 in July, and 1-for-4 on Monday. The company made these moves as it worked to meet earlier Nasdaq compliance deadlines.
Insider Activity Disclosed
In a separate SEC filing, New York-based major institutional investor and greater-than-10% beneficial owner HRT Financial LP disclosed that it sold 3,163 shares of Profusa common stock on Monday at $0.902 per share. The total transaction amount came in at approximately $2,853.
Following the transaction, the firm’s beneficial ownership stood at 71,035 shares, held directly.
Trading Metrics, Technical Analysis
Profusa has a market capitalization of approximately $16.65 million. Its stock has traded between a 52-week high of $5,190.01 and a 52-week low of $3.22.
PFSA has a Relative Strength Index (RSI) of 84.28.
Over the past 12 months, the biotech stock has fallen 99.35%.
PFSA is currently positioned close to its annual low.
Benzinga’s Edge Stock Rankings indicate that PFSA is experiencing short-term upward movement along with medium and long-term consolidation.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: FabrikaSimf on Shutterstock.com
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