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.
Reason for Reverse Split
To maintain listing on the Nasdaq market and comply with the minimum bid price requirement.
Shareholders Impact
Every 3 shares will be combined into 1, reducing the outstanding common stock amount.
Leadership Comment
Richard Paolone, the Interim CEO, emphasized the importance of the Nasdaq listing for enhancing shareholder value.
- The reverse stock split aims to improve Entero Therapeutics' market visibility and credibility.
- It will potentially attract more investor interest due to compliance with Nasdaq requirements.
The reverse stock split signifies Entero Therapeutics' strategic move to maintain its Nasdaq listing and enhance shareholder value. It reflects the company's commitment to compliance and market positioning.