Sonnet BioTherapeutics shares are trading lower after the company announced a 1-for-8 reverse stock split.
Portfolio Pulse from Benzinga Newsdesk
Sonnet BioTherapeutics shares fell following the announcement of a 1-for-8 reverse stock split.
September 25, 2024 | 4:11 pm
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Sonnet BioTherapeutics announced a 1-for-8 reverse stock split, leading to a decline in share price.
Reverse stock splits often lead to a decrease in share price as they can be perceived as a sign of financial instability or an attempt to meet listing requirements. The 1-for-8 split reduces the number of shares, which can lead to a negative market reaction.
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