Entero Therapeutics, Inc. announced a 1 for 3 reverse stock split of its common stock.
The reverse stock split aims to regain compliance with Nasdaq Listing Rule 5550(a)(2).
This strategic move will reduce the outstanding common stock from approximately 4.77 million shares to about 1.59 million shares.
Reason for Reverse Stock Split
To maintain Nasdaq market listing and enhance shareholder value.
Effect on Outstanding Shares
Reducing shares from 4.77 million to 1.59 million with no fractional shares issued.
CEOs Comment
Richard Paolone, Interim CEO, emphasized the importance of the split for maintaining market listing visibility and credibility.
- The reverse stock split is a crucial step for Entero Therapeutics, Inc. to meet Nasdaq requirements and boost shareholder confidence.
- This move indicates the company's commitment to strategic measures for long-term growth and market stability.
Entero Therapeutics, Inc.'s reverse stock split demonstrates proactive measures to uphold Nasdaq compliance and enhance investor confidence in the company's strategic direction.