Allarity Therapeutics shares are trading lower. The company implemented a 1-for-30 reverse stock split to regain Nasdaq listing compliance.
Portfolio Pulse from Benzinga Newsdesk
Allarity Therapeutics shares declined following a 1-for-30 reverse stock split aimed at regaining Nasdaq listing compliance.
September 11, 2024 | 1:57 pm
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Allarity Therapeutics shares are trading lower due to a 1-for-30 reverse stock split, which was implemented to comply with Nasdaq listing requirements.
The reverse stock split is a significant corporate action aimed at increasing the share price to meet Nasdaq's minimum bid price requirement. Such actions often lead to a decrease in share price due to perceived negative sentiment or dilution concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100