Why OIO Shares Are Down After Business Combination Update
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OIO Group (NASDAQ:OIO) shares fell 20% to $1.52 after clarifying its post-business combination share structure with De Tomaso Automobili. The update revealed 348,022,108 shares outstanding following a one-for-three reverse stock split, leading to ownership dilution for legacy shareholders. The stock is trading significantly below its 20-day SMA, indicating heavy selling pressure and a deeply oversold momentum with an RSI of 9.30. Key resistance is at $8.00, while support is at $2.00. OIO Group focuses on investment and development across various sectors, particularly luxury mobility and engineering.
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