Sonnet BioTherapeutics Announces 1-For-22 Reverse Stock Split
Portfolio Pulse from Happy Mohamed
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) has announced a 1-for-22 reverse stock split of its outstanding common stock, effective from September 1, 2023. The move is intended to increase the per share trading price to meet the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 38.5 million to approximately 1.8 million.
August 31, 2023 | 2:58 pm
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NEUTRAL IMPACT
Sonnet BioTherapeutics' reverse stock split is aimed at increasing the per share trading price to meet Nasdaq's listing requirements. This will reduce the number of outstanding shares from 38.5 million to 1.8 million.
The reverse stock split will increase the per share price of Sonnet BioTherapeutics, which could make the stock more attractive to investors. However, it will also reduce the number of outstanding shares, which could lead to increased volatility. The impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100