SeqLL To Conduct 1-For-40 Reverse Stock Split, Will Begin Trading On A Post-Split Basis At The Market Open On August 31, 2023
Portfolio Pulse from Happy Mohamed
SeqLL Inc. (NASDAQ:SQL) has announced a 1-for-40 reverse stock split, effective at 11:59 p.m. Eastern Time, on August 30, 2023. The company's common stock will begin trading on a post-split basis at the market open on August 31, 2023. The reverse stock split is part of the company's plan to regain compliance with the Minimum Bid Price Requirement of $1.00 per share required to maintain continued listing on The Nasdaq Capital Market. The reverse stock split reduces the number of shares of the company's issued and outstanding common stock from approximately 13,886,379 shares to approximately 347,160 shares.
August 30, 2023 | 5:01 pm
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SeqLL Inc.'s reverse stock split is aimed at regaining compliance with the Minimum Bid Price Requirement of $1.00 per share required for continued listing on The Nasdaq Capital Market. This will reduce the number of outstanding shares from approximately 13,886,379 to 347,160.
The reverse stock split will reduce the number of outstanding shares, which could potentially increase the stock price to meet the Nasdaq's minimum bid price requirement. However, it's uncertain how the market will react to this action in the short term, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100