Sonnet BioTherapeutics shares are trading lower after the company announced a 1-for-22 reverse stock split.
Portfolio Pulse from Benzinga Newsdesk
Sonnet BioTherapeutics has announced a 1-for-22 reverse stock split, leading to a decrease in its share price.
August 31, 2023 | 4:48 pm
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Sonnet BioTherapeutics' announcement of a 1-for-22 reverse stock split has resulted in a decrease in its share price.
A reverse stock split reduces the number of shares in circulation, which can lead to an increase in the share price. However, it is often viewed negatively by the market as it may indicate that the company is in trouble. In this case, the announcement has led to a decrease in Sonnet BioTherapeutics' share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100