Entero Therapeutics, Inc. announced a 1 for 3 reverse stock split of its common stock.
The reverse split is aimed at regaining compliance with Nasdaq listing requirements.
This move is part of the Company's effort to maintain its listing on the Nasdaq market.
Reverse Stock Split
Entero Therapeutics, Inc. is implementing a 1 for 3 reverse stock split to comply with Nasdaq requirements.
Reduction in Common Stock
The reverse split will reduce the outstanding common stock from 4.77 million shares to approximately 1.59 million shares.
Impact on Shareholders
No fractional shares will be issued, and shareholders with fractional shares will receive cash in lieu of those fractions.
CEO's Statement
Richard Paolone, the Interim CEO, emphasized the importance of the Nasdaq listing for the Company's credibility and visibility.
- The reverse stock split will consolidate the number of outstanding shares, potentially influencing the stock's liquidity and market price.
- Maintaining a minimum bid price of $1.00 per share is crucial for continued listing on the Nasdaq Capital Market.
Entero Therapeutics, Inc.'s reverse stock split reflects a strategic effort to enhance shareholder value and maintain a Nasdaq listing. The Company's focus on developing therapies for gastrointestinal diseases remains steadfast.