NTEC - Intec Pharma sinks on reverse share split

Intec Pharma ([[NTEC]] -23.6%) has lost more than a fifth of value after announcing a 1-for-4 reverse share split in connection with the company’s reverse merger agreement with Decoy Biosystems.Intec Pharma (Intec Israel) intends to meet Nasdaq's initial listing requirements with the reverse share split that will come into effect after trading closes on July 26.As one of the closing conditions of the reverse merger, the company also announced a private placement of $30M by its subsidiary Intec Parent, Inc. ("Intec US") with a healthcare-focused institutional investor.The reverse stock split will be followed by a domestication merger whereby Domestication Merger Sub Ltd. will merge with and into Intec Israel, which will become the surviving entity and the subsidiary of Intec US. The domestication merger is expected to take place on July 27.Following the reverse stock split and domestication merger, Intec US will start trading on the Nasdaq Capital Market instead of

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Intec Pharma sinks on reverse share split