60 Degrees Pharmaceuticals Announces 1-for-12 Reverse Stock Split Effective August 12, 2024
Portfolio Pulse from Benzinga Newsdesk
60 Degrees Pharmaceuticals has announced a 1-for-12 reverse stock split effective August 12, 2024, to comply with Nasdaq's $1.00 minimum bid price requirement. The stock will continue trading under the symbol 'SXTP' with a new CUSIP 83006G203.
August 06, 2024 | 1:27 pm
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60 Degrees Pharmaceuticals is implementing a 1-for-12 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. This move is aimed at preventing delisting and maintaining its Nasdaq listing.
The reverse stock split is a strategic move to comply with Nasdaq's listing requirements, which could stabilize the stock price in the short term. However, reverse splits can sometimes be perceived negatively by investors, leading to neutral short-term impact.
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