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Phio Pharma ( NASDAQ: PHIO ) said it had approved a reverse stock split of its shares at a ratio of 1-for-12, which will be effective at 12:01 a.m. Eastern Time on Jan 26.
The reverse stock split is being done to increase the per share trading price of the company's common stock, to comply with the minimum $1 bid price requirement for continued listing on The Nasdaq Capital Market.
It will reduce the outstanding common stock from approximately 13.7M shares to about 1.1M shares.