Onconetix shares are trading lower after the company announced a 1-for-40 reverse stock split.
Portfolio Pulse from Benzinga Newsdesk
Onconetix shares fell following the announcement of a 1-for-40 reverse stock split, which typically indicates financial restructuring or an attempt to meet listing requirements.
September 20, 2024 | 6:01 pm
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Onconetix announced a 1-for-40 reverse stock split, leading to a decline in share price. This move is often seen as a financial restructuring effort or to meet exchange listing requirements.
Reverse stock splits are generally perceived negatively by investors as they can indicate financial distress or an attempt to avoid delisting. The 1-for-40 ratio is significant, suggesting substantial restructuring, which likely led to the share price drop.
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