Entero Therapeutics, Inc. announced a 1 for 3 reverse stock split of its common stock.
The reverse stock split was approved by the Company's Board of Directors and shareholders to regain compliance with Nasdaq listing rules.
At the effective time of the reverse stock split, every 3 shares of the Company's common stock will be combined into one share.
Reverse Stock Split
The Company is implementing a 1 for 3 reverse stock split to maintain Nasdaq listing compliance.
Reduced Outstanding Shares
The reverse stock split will reduce the outstanding common stock from 4.77 million shares to approximately 1.59 million shares.
No Fractional Shares
No fractional shares will be issued; shareholders entitled to fractional shares will receive cash instead.
CEO Comment
Interim CEO, Richard Paolone, highlighted the importance of the reverse split for Nasdaq market listing.
- The reverse split aims to enhance shareholder value through increased visibility and credibility on the Nasdaq market.
- This strategic move by Entero Therapeutics aligns with its goal of maintaining a strong presence in the biopharmaceutical sector.
The reverse stock split reflects Entero Therapeutics' commitment to meeting Nasdaq listing requirements and enhancing shareholder value in the biopharmaceutical industry.