Benitec Biopharma Announces 1-For-17 Reverse Stock Split Effective July 26, 2023
Portfolio Pulse from Happy Mohamed
Benitec Biopharma Inc. (NASDAQ:BNTC) has announced a 1-for-17 reverse stock split of its common stock, effective July 26, 2023. The move is primarily intended to bring the company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. The reverse stock split will not change the par value of the common stock nor the authorized number of shares of common stock.
July 25, 2023 | 5:04 pm
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Benitec Biopharma's 1-for-17 reverse stock split is aimed at maintaining its Nasdaq listing by meeting the $1.00 minimum bid price requirement. The split will not alter the par value or the authorized number of shares.
The reverse stock split is a neutral event for the company as it does not change the company's value. However, it is important as it is aimed at maintaining the company's listing on Nasdaq. The impact on the stock price is uncertain as it depends on market reaction to the split.
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IMPORTANCE 80
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