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AgroGalaxy (AGXY3), currently in legal recovery, intends to consolidate efforts at B3 to ensure that its shares are traded at a value higher than R$ 1, as disclosed by the company on Friday (28). Shareholders will vote on this proposal on 3 April, as stated in the company’s official announcement.
If the proposal is accepted, one company action will be equal to 15 actions. The company stated that implementing this consolidation would not only align ordinary shares with the Emissors Regulation but also create a more robust and equitable secondary market in line with B3 regulations.
The consolidation will decrease AgroGalaxy’s shares from 254.5 million to 16.97 million while maintaining the company’s total value. Shareholders will be given at least 30 days to adjust their positions by buying or selling shares to prevent losses.
Shareholders with a non-multiple of 15 number of shares will have their fractional shares sold in B3 auctions, with the collected value being distributed proportionally.
AgroGalaxy will provide further information on Friday (7).
AgroGalaxy announced that it will provide additional information about the procedure on March 7, promising to keep shareholders and the market updated. By 12:25 on Thursday (6), the company’s stocks had dropped by 3.85%, trading at R$ 0.50.
The company filed for bankruptcy in September of last year, owing R $ 4.6 billion. Since then, it has shut down half of its stores, laid off 40% of its staff, and incurred a loss of R $ 1.58 billion in the third quarter of 2024, equivalent to a year-on-year increase of 1,679%.
Agrogalaxy’s plan to overcome the crisis involves selling a debt portfolio worth R$ 760 million and reviving a fund to advance sales receipts to farmers.
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