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Work Medical Technology Group Ltd. (NASDAQ:WOK) surged 50.26% in after-hours trading on Tuesday. Check out the current price of WOK stock here. According to Benzinga Pro data, the medical devices supplier closed Tuesday's regular session at $3.92, marking a 9.19% gain. $1 Million Investment in Neologics Bioscience Work Medical Technology Group announced on Tuesday that it reached an investment agreement with Neologics Bioscience Inc., a Delaware-based medical tech firm focused on integrating AI and medicine. Under the deal, Work Medical will invest $1 million in cash for a 10% equity stake in Neologics. After the investment, Neologics' capital reserve will increase to $10 million, while the current shareholders will maintain a 90% ownership stake. As part of the agreement, Work Medical will receive corporate governance privileges, including the right to nominate board members and the first right of refusal on any future equity sales. CEO Statement Shuang Wu, CEO and Chairman, said the partnership with Neologics "marks a key step in advancing our strategic focus on innovation and global collaboration in the medical technology field." See Also: Mattel Stock Drops After Q3 Earnings: Here’s Why Reverse Stock Split Comes Into Effect On Oct. 16, the company announced a 1-for-100 reverse stock split of its ordinary shares, which took effect when the market opened on Tuesday. The stock began trading on a split-adjusted basis that day under the ticker symbol WOK and a new CUSIP number, G9767H117. The reverse stock split, approved by both shareholders and the board of directors, was carried out primarily to help the company regain compliance with Nasdaq Marketplace Rule 5550(a)(2), which concerns minimum bid price requirements. As a result of the split, the number of outstanding Class A ordinary shares was reduced from about 96 million to 960,000. Stock Performance The China-based company closed Tuesday at $3.92, trading close to its 52-week low of $3.50 and far below its high of $844.63, reflecting a 99.35% loss over the past year. Work Medical Technology Group has a market capitalization of $364.46 million and an average daily trading volume of 344,000 shares. Benzinga Edge Stock Rankings indicate that WOK has a negative price trend across all time frames. Track the performance of other players in this segment. Read Next: Why Is Beyond Meat Soaring After Hours? Photo Courtesy: Miha Creative on Shutterstock.com
