Telesis Bio Announces 1-For-18 Reverse Stock Split, Will Open For Trading On The Nasdaq Global Select Market On May 9, 2024 On A Post-Split Basis
Portfolio Pulse from Benzinga Newsdesk
Telesis Bio Inc. (TBIO) announced a 1-for-18 reverse stock split effective May 9, 2024, to regain compliance with Nasdaq's minimum bid price requirement. The split will reduce outstanding shares from 30.1 million to approximately 1.7 million, with no change in par value. Adjustments will be made to warrants, stock options, equity awards, and equity incentive plans. The reverse split aims to maintain Nasdaq listing by meeting the $1.00 per share minimum bid price.
May 06, 2024 | 8:29 pm
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Telesis Bio's 1-for-18 reverse stock split is intended to comply with Nasdaq's minimum bid price, reducing outstanding shares to 1.7 million. This action may influence investor perception and stock liquidity.
Reverse stock splits are often used by companies to comply with stock exchange listing requirements and can lead to mixed reactions from the market. While it may improve the stock's price per share, it could also be viewed negatively as an indication of underlying issues. The impact on TBIO's stock price in the short term is uncertain, as it will depend on market perception and the company's ability to leverage the reverse split for positive momentum.
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