Eightco Holdings Down 17% After Reverse Split, Name Change

By Josh Beckerman

Eightco Holdings Inc. shares fell 17% to $2.38 in their first trading day after a 1-for-50 reverse split and a name change, from Cryptyde Inc.

The rebranding reflects the company's focus on "its most valuable asset," the Forever 8 cash flow management platform for e-commerce sellers.

"After internal discussions and analysis, our leadership reached the consensus that the crypto industry's regulatory risks are likely to continue escalating," the company said.

At the time of its 2022 spinoff from Vinco Ventures Inc., Cryptyde was focused on using blockchain technologies for consumer-facing industries.

Eightco's current operations also include Ferguson Containers, a packaging and logistics company.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

04-04-23 1250ET