Tilray Inc. (NASDAQ: TLRY) saw its stock plummet by 5.84% during intraday trading on Wednesday, continuing a downward trend that has seen the stock drop 24% over the past five sessions. This decline follows the company's execution of a 1-for-10 reverse stock split, which took effect earlier this week.

The reverse stock split reduced Tilray's outstanding shares from approximately 1.16 billion to roughly 116 million, with fractional shares being converted into cash payments. Management cited the move as an effort to optimize the company's capital structure and attract institutional investors, but the restructuring has instead heightened volatility and investor uncertainty.

Tilray's stock has been highly volatile, with a 52-week range between $3.50 and $23.20, reflecting its susceptibility to significant price swings. The company's recent actions, while aimed at long-term stability, have contributed to short-term market turbulence.