Entero Therapeutics, Inc. announced a 1 for 3 reverse stock split of its common stock.
The reverse stock split is aimed at regaining compliance with the Nasdaq listing requirements.
This move is part of the company's strategy to enhance shareholder value.
Reverse Stock Split
1 for 3 reverse stock split to reduce outstanding common stock from 4.77 million shares to approximately 1.59 million shares.
Listing Compliance
Effort to maintain Nasdaq listing compliance by meeting the minimum bid price requirement.
CEO Statement
Interim CEO, Richard Paolone, highlighted the importance of the reverse split for maintaining Nasdaq market listing.
- The reverse stock split will consolidate every 3 shares into 1 share, reducing the total outstanding shares.
- No fractional shares will be issued, with shareholders entitled to receive cash for fractional amounts.
- Enhanced visibility and credibility expected from the Nasdaq listing may benefit shareholder value.
Entero Therapeutics' reverse stock split reflects a strategic move to uphold Nasdaq listing standards and enhance shareholder value.