The ASIC chip research and development listed company AGM Group plans to execute a "1-for-50 stock consolidation" transaction on June 3.

PANews June 1 news, according to Globenewswire, Nasdaq-listed blockchain ASIC chip research and development company AGM Group announced that it plans to implement a "50-for-1" stock consolidation transaction effective June 3, reducing the total number of Class A common shares from 98,713,955 shares to approximately 1,974,279 shares, with a value of $0.05 per share; the total number of Class B common shares will be reduced from 2,100,000 shares to approximately 42,000 shares, also with a value of $0.05 per share. After the market opens on June 3, trading will begin based on the consolidated benchmark, with the stock code still being "AGMH", but the CUSIP number updated to G0132V121.