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.
The split will reduce the outstanding common stock from approximately 4.77 million shares to 1.59 million shares.
Purpose of Reverse Split
To maintain Nasdaq listing compliance and enhance shareholder value.
Impact on Outstanding Shares
Reduction from 4.77 million shares to 1.59 million shares with no fractional shares issued.
CEO's Statement
Richard Paolone, the Interim CEO, emphasized the importance of the split for maintaining Nasdaq market presence.
- The reverse split aims to boost the company's credibility and visibility on the Nasdaq.
- It serves as a strategic move to avoid delisting and maintain shareholder confidence.
The reverse stock split signifies Entero Therapeutics' commitment to meeting Nasdaq standards and enhancing shareholder value in the competitive healthcare market.