Shares of Tilray Brands (NASDAQ:TLRY) fell 16.4% in after-market trading after announcing a 1-for-10 reverse stock split. The move is intended to attract institutional investors and reduce administrative costs. The stock closed at $0.81, down 21.7% from the previous close. The market reacted negatively to the news, with investors concerned about the company’s motives. Tilray’s shares are highly volatile, with 86 moves greater than 5% in the past year. The stock is down 43.9% since the beginning of the year and trading 61% below its 52-week high. The news significantly impacted the market’s perception of the company.

Read more at StockStory Inc.: Why Tilray (TLRY) Shares Are Plunging Today