Synlogic Announces 1-For-15 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Synlogic, Inc. (NASDAQ:SYBX) has announced a 1-for-15 reverse stock split of its common stock, effective from September 27, 2023. The move is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on The Nasdaq Capital Market. The number of outstanding common stock will be reduced from approximately 69.0 million shares to approximately 4.6 million shares.
September 27, 2023 | 4:32 pm
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Synlogic's 1-for-15 reverse stock split will reduce the number of outstanding shares from 69.0 million to 4.6 million. This is intended to maintain its Nasdaq listing by meeting the minimum bid price requirement.
The reverse stock split will reduce the number of Synlogic's outstanding shares, which could potentially increase the stock's price per share. However, the overall market capitalization of the company remains the same. The move is primarily to maintain its Nasdaq listing, which is important for the company's visibility and credibility among investors.
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