PaxMedica Announces 1-For-17 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
PaxMedica, Inc. (NASDAQ:PXMD) has announced a 1-for-17 reverse stock split of its common stock, effective from October 30, 2023. The common stock will begin trading on a split-adjusted basis from October 31, 2023, under the existing trading symbol 'PXMD'. Each 17 pre-split shares were combined and converted into one share, with no fractional shares issued. Stockholders will receive information about their share ownership from the company's transfer agent, Computershare Trust Corporation, N.A.
October 30, 2023 | 3:30 pm
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PaxMedica's 1-for-17 reverse stock split could lead to a temporary increase in stock price due to the reduced number of shares. However, the long-term impact will depend on the company's future performance.
A reverse stock split reduces the number of shares in circulation, which can lead to a temporary increase in the stock price. However, the long-term impact on the stock price will depend on the company's future performance and market conditions.
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