Why did shpw stock fo down today?

Shapeways Holdings, Inc. (SHPW) experienced a significant drop in its stock price today due to several factors:

1. Reverse Stock Split: Shapeways announced a 1-for-8 reverse stock split, which is set to become effective on June 22, 2023. This move is aimed at increasing the per-share market price of the company's common stock to meet the minimum $1.00 average closing price requirement for continued listing on the NYSE. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 50.9 million to approximately 6.4 million.
2. Oversold Territory: The stock has been in oversold territory, with an RSI reading of 25.13, indicating that it may be undervalued due to excessive selling pressure. However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
3. Financial Performance: The company's financial performance has been under scrutiny, with a recent earnings report showing a miss on estimated earnings, reporting an EPS of $-1.52 versus an estimate of$-0.95. Additionally, the revenue was up by $745 thousand from the same period last year.
4. Nasdaq Compliance: Shapeways received a notice from Nasdaq regarding its failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, which is a requirement for continued listing on the exchange. The company has until July 22, 2024, to submit a plan to regain compliance with the Rule.
5. Strategic Moves: The company has been actively considering strategic alternatives, including the sale of its software business, which is expected to close on or around May 20, 2024.

In conclusion, the drop in SHPW stock price can be attributed to a combination of the reverse stock split, the oversold territory, financial performance concerns, Nasdaq compliance issues, and the strategic moves of the company.