NexImmune Announces 1-For-25 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
NexImmune, Inc. (NASDAQ:NEXI) has announced a 1-for-25 reverse stock split of the company's common stock, approved by the Board of Directors and stockholders. The reverse stock split will take effect after the close of trading on The Nasdaq Capital Market on October 18, 2023. The move is intended to increase the per share trading price of the company's common stock to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
October 18, 2023 | 3:30 pm
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NexImmune's 1-for-25 reverse stock split is expected to increase the per share trading price, helping the company to regain compliance with Nasdaq's minimum bid price requirement.
The reverse stock split will reduce the number of NexImmune's outstanding shares, thereby increasing the per share price. This is a strategic move to meet Nasdaq's minimum bid price requirement for continued listing. However, the impact on the stock's price in the short term is uncertain as it depends on market reaction to this news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100