Allarity Therapeutics Announces 1-For-40 Reverse Stock Split Of Common Stock; Will Begin Trading On A Post-Split Adjusted Basis On June 29, 2023
Portfolio Pulse from Happy Mohamed
Allarity Therapeutics, Inc. (NASDAQ:ALLR) has announced a 1-for-40 reverse stock split of its common stock, effective from June 28, 2023. The move is intended to increase the company's per share trading price and bring it into compliance with Nasdaq's listing requirement regarding minimum share price. The reverse stock split will reduce the number of shares of Allarity's common stock outstanding from 20,142,633 shares to approximately 503,565 shares.
June 28, 2023 | 3:57 pm
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Allarity Therapeutics' reverse stock split is expected to increase the per share trading price and bring the company into compliance with Nasdaq's listing requirement. This could potentially attract more investors and improve the company's ability to raise additional capital.
The reverse stock split will reduce the number of shares outstanding, which will increase the per share price. This could make the stock more attractive to investors who may have been previously deterred by a low per share price. Additionally, by meeting Nasdaq's listing requirement, the company could avoid potential delisting, which is generally viewed negatively by investors.
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