Assembly Biosciences Announces Effective Date Of February 9, 2024 For 1-For-12 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Assembly Biosciences, Inc. (NASDAQ:ASMB) announced a 1-for-12 reverse stock split effective February 9, 2024, with trading on a split-adjusted basis starting February 12, 2024. This action aims to comply with Nasdaq's minimum bid price requirement, reducing outstanding shares from 65.8 million to approximately 5.5 million. The reverse stock split was approved by stockholders and the board following a special meeting on January 31, 2024.
February 08, 2024 | 1:20 pm
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Assembly Biosciences, Inc. (ASMB) is undergoing a 1-for-12 reverse stock split to comply with Nasdaq's minimum bid price requirement, significantly reducing its outstanding shares.
The reverse stock split is a strategic move to maintain ASMB's listing on the Nasdaq by meeting the minimum bid price requirement. While this action does not inherently affect the company's market capitalization, it can influence investor perception and potentially improve stock liquidity by meeting exchange requirements. The immediate impact on the stock price is neutral as the market adjusts to the new share structure.
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