Why Wellgistics Health (WGRX) Stock Fell Over 24% After Hours?

Wellgistics Health (NASDAQ:WGRX) shares plummeted 24.3% in after-hours trading following the announcement of a 1-for-50 reverse stock split effective May 26. The reverse split aims to help the company regain compliance with Nasdaq's minimum bid price requirement, reducing outstanding shares from 125.7 million to 2.5 million. The stock has declined over 94% in the past 12 months and closed regular trading down 23.2% at $0.13.