What's Going On With Theriva Biologics (TOVX) Stock?
Portfolio Pulse from Henry Khederian
Theriva Biologics (NASDAQ:TOVX) shares dropped 15% to $0.17 after announcing a 1-for-25 reverse stock split, effective August 26, to meet NYSE American's per-share price requirements. The split will reduce outstanding shares from 25,131,230 to 1,005,249.
August 19, 2024 | 1:22 pm
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Theriva Biologics announced a 1-for-25 reverse stock split, causing shares to drop 15% to $0.17. The split aims to meet NYSE American's price requirements, reducing outstanding shares significantly.
The reverse stock split is a significant corporate action aimed at increasing the stock price to meet exchange requirements. Such actions often lead to a short-term decline in stock price due to perceived financial instability or dilution concerns. The 15% drop reflects investor reaction to the news.
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