Rigel Announces 1-For-10 Reverse Stock Split, Will Begin Trading On A Post-Split Basis When The Market Opens On Thursday, June 27, 2024
Portfolio Pulse from Benzinga Newsdesk
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) announced a 1-for-10 reverse stock split effective June 27, 2024. The stock will trade on a post-split basis under the same symbol with a new CUSIP number. The split reduces outstanding shares from approximately 175.6 million to 17.6 million.
June 25, 2024 | 12:07 pm
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Rigel Pharmaceuticals is implementing a 1-for-10 reverse stock split, reducing the number of outstanding shares from approximately 175.6 million to 17.6 million. The stock will trade on a post-split basis starting June 27, 2024.
Reverse stock splits often aim to increase the stock price by reducing the number of shares outstanding. This can make the stock more attractive to institutional investors and meet listing requirements. However, it does not change the company's market capitalization or fundamentals, leading to a neutral short-term impact.
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