VLON - Vallon Pharmaceuticals down 9% on merger with GRI Bio and reverse stock split
2023-04-21 03:00:05 ET
- Vallon Pharmaceuticals ( NASDAQ: VLON ) stockholders have approved proposed merger with GRI Bio, a privately held biotechnology company, at a special meeting of stockholders held on April 20, 2023.
- Based on a closing price of Vallon’s common stock of $0.46 per share on April 20, 2023, the exchange ratio is 0.0374.
- Vallon’s stockholders also approved a reverse stock split of shares at a ratio anywhere in the range of not less than 1 new share for every 15 shares and not greater than 1 new share for every 40 shares.
- Vallon’s board of directors has set the reverse split ratio at 1-for-30.
- Stock price is down 9% during late hours on Thursday.
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Vallon Pharmaceuticals down 9% on merger with GRI Bio and reverse stock split