Cidara Therapeutics Announces 1-For-20 Reverse Stock Split, Will Begin Trading On A Split-Adjusted Basis Commencing Upon Market Open On April 24, 2024
Portfolio Pulse from Benzinga Newsdesk
Cidara Therapeutics, Inc. (CDTX) announced a 1-for-20 reverse stock split effective April 23, 2024, after market close, with trading on a split-adjusted basis starting April 24, 2024. This decision follows stockholder approval and aims to reduce the number of outstanding shares and adjust the conversion and exercise prices of preferred stock, stock options, and warrants accordingly.
April 22, 2024 | 12:50 pm
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Cidara Therapeutics implements a 1-for-20 reverse stock split, effective April 23, 2024, with adjusted trading starting April 24. This move aims to consolidate shares and adjust financial instruments' terms.
Reverse stock splits often aim to increase the stock price to meet exchange listing requirements or improve perception. While it doesn't fundamentally alter the company's value, it may affect investor perception and the stock's marketability. The immediate impact is neutral as it's a structural change without direct reflection on the company's fundamentals.
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