SQZ Biotechnologies To Consolidate Shares With 1-For-10 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
SQZ Biotechnologies (NYSE:SQZ) has announced a 1-for-10 reverse stock split, effective on July 6, 2023. The company also received a notice from the NYSE for not complying with Section 802.01B due to its average global market capitalization and stockholders' equity being less than $50 million. SQZ plans to submit a plan to cure the deficiency and return to compliance with NYSE listing standards.
June 15, 2023 | 8:32 pm
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NEGATIVE IMPACT
SQZ Biotechnologies' 1-for-10 reverse stock split and NYSE non-compliance notice may impact its stock price in the short term.
The reverse stock split may lead to a short-term decrease in stock price as investors adjust to the new share structure. Additionally, the NYSE non-compliance notice may create uncertainty among investors, potentially leading to a negative impact on the stock price. However, if SQZ submits a satisfactory plan to cure the deficiency and return to compliance, the stock price may stabilize.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100