Seelos Therapeutics Announces 1-For-16 Reverse Stock Split, Will Begin Trading On A Reverse Stock Split-Adjusted Basis At The Opening Of The Market On Friday, September 27, 2024
Portfolio Pulse from Benzinga Newsdesk
Seelos Therapeutics announced a 1-for-16 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. The split will be effective on September 27, 2024, and the stock will trade under the same symbol 'SEEL' with a new CUSIP number.
September 25, 2024 | 12:18 pm
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NEUTRAL IMPACT
Seelos Therapeutics is implementing a 1-for-16 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. This move is crucial for maintaining its listing on the Nasdaq Capital Market.
The reverse stock split is a strategic move to increase the stock price and meet Nasdaq's listing requirements. While it doesn't change the company's market value, it can affect investor perception and trading activity. The neutral score reflects the uncertainty of market reaction to stock splits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100