Addex Therapeutics Announces 1-for-20 Reverse ADS Split to Regain Nasdaq Compliance
Portfolio Pulse from Benzinga Newsdesk
Addex Therapeutics (NASDAQ:ADXN) has announced a 1-for-20 reverse ADS split to regain compliance with the Nasdaq minimum bid price requirement. The change in the ADS ratio, from one ADS to six ordinary shares to a new ratio of one ADS to 120 ordinary shares, has been accepted by Nasdaq and will be effective on October 23, 2023.
October 20, 2023 | 7:12 am
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Addex Therapeutics' 1-for-20 reverse ADS split is intended to regain compliance with the Nasdaq minimum bid price requirement. This could potentially stabilize the company's stock price.
The reverse ADS split will reduce the number of ADSs in circulation, which could potentially increase the price per ADS and help the company regain compliance with the Nasdaq minimum bid price requirement. This could stabilize the company's stock price in the short term.
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