PTE - PolarityTE stock slides on 1-for-25 reverse stock split

PolarityTE (NASDAQ:PTE) has implemented a 1-for-25 reverse stock split of its issued and outstanding common stock, effective May 16, 2022. Each 25 shares of issued and outstanding common stock and equivalents will be converted into one share of common stock. The split is being effectuated to fulfill the company's obligations under the securities purchase agreement dated March 15, 2022, pertaining to the registered direct offering of its preferred stock and warrants and to increase the per share trading price of the company's common stock to meet the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. The common stock will begin trading on a reverse split basis on May 17, 2022. As a result, the number of shares common stock outstanding as of May 16, 2022 will reduce from ~100M shares to ~4M shares. PTE shares down around -7% AH Earlier today, PolarityTE's stock fell after the company

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PolarityTE stock slides on 1-for-25 reverse stock split