Key Highlights

  • Shares are trading 29.14% lower at $4.03 on Thursday, October 29, 2026, from an implied prior close near $5.69 (calculated).
  • A 1-for-200 reverse split of Class A and Class B shares became effective for trading on October 29.
  • Class A shares dropped from 201,529,461 to about 1,007,648 after the split.
  • Revenue for the year ended March 31, 2026 was $28.05 million, up about 895% from $2.82 million.
  • The net loss for the year was $13.29 million, with AI infrastructure providing about 79% of revenue.

Solowin Move Today: Why Did Shares Drop 29.14% in the First Split-Adjusted Session?

Solowin Holdings (NASDAQ:AXG) shares are trading 29.14% lower at $4.03 on Thursday, October 29, 2026. The implied prior close is roughly $5.69 (calculated from the price and the percentage move), which sits near the roughly $5.72 split-adjusted equivalent of Wednesday's pre-split price near $0.0286 (calculated as 200 times that price).

That makes today the first session on a 1-for-200 reverse split of the Class A and Class B ordinary shares, announced in a release dated Tuesday, October 27, 2026. The Class A shares retain the AXG symbol. The release does not describe any price reaction, so the link between the split and today's decline is an inference.

Solowin combines financial services, stablecoin and fiat trading, and AI infrastructure through its AXG Digital unit. It holds a stablecoin issuer licence from the Central Bank of Bahrain.

Share Count Mechanics: What Did a 1-for-200 Ratio Change?

The split reduced Class A shares from 201,529,461 to about 1,007,648 and Class B shares from 31,371,599 to about 156,858. Fractional interests are rounded up to whole shares. The board approved the split on Friday, October 2, 2026, and shareholders gave their approval on Tuesday, October 13, 2026.

A reverse split alters the share count and the per-share price but not the underlying business, its earnings or its funding needs. With about one million Class A shares outstanding, the float is much smaller than before, and price swings can be wider.

Fiscal 2026 Results: Can 895% Revenue Growth Outweigh a $13.29 Million Loss?

The company's release of Friday, September 18, 2026 covered the year ended March 31, 2026. Revenue came to $28.05 million, up about 895% from $2.82 million, while the net loss was $13.29 million. Stablecoin and fiat trading volume hit $1.04 billion.

AI infrastructure added about $22.2 million, or roughly 79% of revenue. AXG Digital started on Wednesday, August 26, 2026, aiming for more than 100 MW of AI-ready data centre capacity by 2028 and a pipeline above 1 GW.

The data centre plans depend on project funding and on non-binding memoranda of understanding with SC Ventures and EvolveQ. Named risks include dilution, volatility following a reverse split and execution risk in data centre development.

What to Watch Next: Trading After the Split and Any Financing Update

Coming sessions will show how the market prices the reduced share count of about 1,007,648 Class A shares. Investors will also look for any financing announcement tied to the data centre pipeline, stablecoin and fiat trading volumes beyond the $1.04 billion reported, and further updates on AXG Digital's capacity targets.