Why Is Infobird (IFBD) Stock Down 31% Today?

Group 1 - Infobird (NASDAQ:IFBD) is planning a reverse stock split of one-for-eight to consolidate shares and increase stock price [1][2] - The extraordinary general shareholder meeting is scheduled for February 19, 2024, to vote on this proposal [1] - As of the announcement, Infobird's shares were trading at 63 cents, which is below the $1 minimum required by Nasdaq [2] Group 2 - The reverse stock split aims to help Infobird regain or maintain compliance with Nasdaq listing standards to avoid delisting [2] - Following the announcement, IFBD stock experienced a decline of 31.1%, despite a previous rally of 115.9% during normal trading hours [2]