NEW YORK, July 17, 2026, 09:06 EDT
- The stock climbed 30.9% to $3.98 in premarket trade.
- Trading volume on Thursday matched three times the number of shares outstanding after the split.
- The number of shares before the split rose by 16.8 times between March and July.
Baiya International Group Inc. NASDAQ:BIYA surged 30.9% to $3.98 ahead of Friday’s session. Premarket trading volume totaled 4.98 million shares as of 09:02 EDT. Nasdaq remained in premarket trading.
Thursday’s trading delivered a clearer signal. BIYA slid 8.4% to $3.04, with 8.11 million shares traded. That volume was triple the post-split share count.
Including Friday’s premarket transactions raises the ratio to 4.85 times. Since shares may be traded multiple times, this figure captures turnover rather than the number of distinct investors.
The numbers are clear.
| Post-split comparison | Shares | Ratio to shares outstanding |
|---|---|---|
| Official shares on issue | 2.70 million | 1.0 times |
| Volume during regular session on July 16 | 8.11 million | 3.0 times |
| Premarket volume on July 17 | 4.98 million | 1.8 times |
| Total volume | 13.10 million | 4.9 times |
Ratios rely on Baiya’s reported share count and FactSet’s volume data. The volume figure may reflect repeated transactions.
The split-adjusted shares started trading on Monday. Baiya implemented a 1-for-10 ratio to maintain compliance with Nasdaq’s minimum bid rules. The number of outstanding shares automatically decreased from 26.99 million to roughly 2.70 million.
BIYA’s split-adjusted closing price decreased by 33.2% over the last five sessions ending Thursday, sliding from $4.55 on July 10 to $3.04.
The earlier dilution was not undone by the split. Baiya stated it had 1.61 million ordinary shares outstanding as of March 6. By July 10, that figure had risen to 26.99 million, representing a 16.8-fold increase from March.
An initial March prospectus detailed as many as 30 million pre-July-split shares. The document cited possible gross proceeds of $35.55 million within 36 months. The number of shares ultimately sold was subject to company direction and market factors.
The filing stated Baiya may choose to sell all, some, or no shares. It cautioned that significant resale activity could push the share price lower and boost volatility.
A deal signed in April involved another 13.5 million pre-July-split shares priced at $0.312 each, yielding gross proceeds of $4.21 million. Baiya stated that completion was anticipated in the second quarter, pending certain conditions.
The financial environment remains challenging. Baiya’s fiscal 2025 revenue grew 28.6% to $16.5 million, but the company posted a $9.5 million loss and burned through $7.4 million in operating cash. Cash on hand at year-end stood at only $0.7 million.
In April, former CEO Siyu Yang described the revenue growth as “strong.” Operating expenses increased by 754.6% to reach $11.5 million, with the majority of the rise attributed to stock compensation and professional fees. Nasdaq
Risks: The premarket rise may not hold once regular trading opens. Additional share offerings could dilute existing shareholders. Baiya’s filing also warned that resales may create downward pressure on the stock and increase volatility.
Persistence will be tested next week. Investors are set to monitor if trading volumes return to normal after Friday’s spike. They will also review filings for signs of further issuance. Baiya indicated the split aims for a $1 bid threshold.
