Entero Therapeutics, Inc. announced a 1 for 3 reverse stock split of its common stock.
The reverse stock split was approved by the Board of Directors and shareholders to regain compliance with Nasdaq listing requirements.
This action will reduce the outstanding common stock from approximately 4.77 million shares to around 1.59 million shares.
Reverse Stock Split
Entero Therapeutics, Inc. will implement a 1 for 3 reverse stock split to maintain Nasdaq listing compliance.
Benefit for Shareholders
No fractional shares will be issued; shareholders entitled to fractional shares will receive cash instead.
CEO's Statement
Richard Paolone, the Interim CEO, highlighted the importance of the reverse split for enhancing shareholder value.
- The reverse stock split aims to enhance the visibility and credibility of Entero Therapeutics on the Nasdaq market.
- By reducing the outstanding shares, the company may see increased trading volume and potential value stabilization.
The reverse stock split is a strategic move by Entero Therapeutics to ensure compliance and enhance shareholder value. It reflects the company's commitment to maintaining a strong presence in the biopharmaceutical industry.