ATXI - Why Avenue Therapeutics (ATXI) Shares Are Getting Hammered | Benzinga

Avenue Therapeutics Inc (NASDAQ:ATXI) shares are trading lower by 28.5% to $0.09 during Wednesday’s session after the company announced a reverse stock split.

The company is implementing a 1-for-75 reverse stock split of its common stock, effective April 26. This decision, approved by the company’s Board of Directors and a majority of stockholders, aims to meet Nasdaq’s requirement of maintaining a minimum bid price of $1.00 per share for continued listing.

Following the split, the outstanding shares will decrease from about 44.7 million to approximately 0.6 million, with adjustments made for fractional shares.

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