Regencell Bioscience Limited (RGC) shares surged 26.95% in the last 24 hours, continuing the stock's remarkable rally that has seen it gain over 51,500% year-to-date. This latest jump comes as the company's previously announced 38-for-one forward stock split took effect, potentially boosting liquidity and accessibility for investors.

The stock split, which was announced on June 2, means that shareholders of record as of June 12 received 37 additional shares for every share held. Regencell stated that the split was intended to enhance market liquidity for its ordinary shares and make them more accessible to investors. However, market observers urge caution as the company's meteoric rise appears to be driven largely by speculative trading rather than fundamental developments.

Regencell, a biotech company focusing on Traditional Chinese Medicine (TCM) based treatments for ADHD and ASD, has captured investors' attention despite operating without revenue, clinical progress, or regulatory filings. Analysts point to a combination of factors driving the stock's spectacular rise, including a razor-thin public float, insider lockups, and narrative-driven enthusiasm around alternative medicine approaches. The extreme volatility in the stock price, including multiple trading halts due to circuit breakers, highlights the risks associated with such speculative movements and raises questions about the sustainability of its current valuation.