Cartesian Therapeutics Announces Approval Of Conversion Of Series A Convertible Preferred Stock And Plans To Effect 1-For-30 Reverse Stock Split Effective After The Closing Of Trading Hours On April 4, 2024
Portfolio Pulse from Benzinga Newsdesk
Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a biotech company, announced the approval of the conversion of its Series A Convertible Preferred Stock and a 1-for-30 reverse stock split effective after trading hours on April 4, 2024. The conversion will occur on April 8, 2024, and the reverse stock split will see the company's common stock trade on a split-adjusted basis starting April 5, 2024. This will reduce the number of outstanding shares from approximately 165.5 million to about 5.5 million before the conversion, and approximately 23.3 million shares after all conversions.

March 28, 2024 | 8:16 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Cartesian Therapeutics' approval of a 1-for-30 reverse stock split and conversion of Series A Convertible Preferred Stock will significantly reduce the number of outstanding shares, potentially affecting the stock's liquidity and market perception.
The reverse stock split and conversion of preferred stock will drastically reduce the number of RNAC's outstanding shares, which could lead to increased volatility due to lower liquidity. However, such corporate actions might also be perceived positively if investors interpret them as steps towards financial restructuring or meeting listing requirements. The exact impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100