NeuroBo Pharmaceuticals Announces 1-For-8 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) has announced a 1-for-8 reverse stock split to comply with Nasdaq's continued listing requirements. The split-adjusted trading will commence on December 21, 2023. The reverse split will reduce the number of outstanding shares from approximately 38.8 million to about 4.85 million, while the number of authorized shares remains unchanged at 100 million. Fractional shares resulting from the split will be rounded down and paid in cash based on the market value. The new CUSIP number post-split is 64132R 404.
December 19, 2023 | 1:45 pm
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NeuroBo Pharmaceuticals has implemented a 1-for-8 reverse stock split, reducing outstanding shares to approximately 4.85 million to maintain Nasdaq listing. Trading on a split-adjusted basis begins December 21, 2023.
Reverse stock splits are often used by companies to comply with exchange listing requirements and can be viewed as a neutral to negative signal by the market. While it does not fundamentally alter the company's value, it may affect investor perception and could lead to increased volatility in the short term. The impact score is neutral as the reverse split is intended to maintain compliance rather than reflect changes in the underlying business.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100