Fortress Biotech Announces 1-For-15 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Fortress Biotech, Inc. (NASDAQ:FBIO) has announced a 1-for-15 reverse stock split of its issued and outstanding common stock. The split is expected to commence trading on a split-adjusted basis on the Nasdaq Capital Market from October 10, 2023. The move is intended to bring the company into compliance with Nasdaq's $1.00 per share minimum bid price requirement for continued listing.
October 09, 2023 | 4:57 pm
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Fortress Biotech's 1-for-15 reverse stock split is expected to increase the per-share price, helping the company to meet Nasdaq's minimum bid price requirement for continued listing.
The reverse stock split will reduce the number of shares outstanding, which should increase the per-share price. This is a common strategy for companies to meet minimum bid price requirements for continued listing on exchanges like Nasdaq. However, it does not change the company's overall market value, and the impact on the stock's performance can vary.
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