Vaccinex, Inc. Announces 1-For-14 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Vaccinex, Inc. (NASDAQ:VCNX), a biotech company, announced a 1-for-14 reverse stock split effective February 19, 2024, to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The split-adjusted trading will start on February 20, 2024. The company's stockholders approved this action on February 8, 2024, and the Board of Directors selected the 1-for-14 ratio from a range of options. Vaccinex aims to meet Nasdaq's compliance by March 4, 2024, requiring a closing bid price of at least $1.00 for 10 consecutive business days.
February 15, 2024 | 1:06 pm
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Vaccinex, Inc. is undergoing a 1-for-14 reverse stock split to comply with Nasdaq's minimum bid price requirement, with split-adjusted trading starting February 20, 2024.
Reverse stock splits are often used by companies to comply with stock exchange listing requirements, such as the minimum bid price. While it does not fundamentally alter the company's value, it can affect investor perception and potentially lead to volatility in the short term. Given that this action is primarily aimed at maintaining Nasdaq listing compliance, it may not have a significant long-term impact on the company's stock price but could lead to short-term fluctuations as the market adjusts to the new share structure.
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