- Nano-cap clinical stage biotech Abeona Therapeutics ( NASDAQ: ABEO ) plunged ~21% Tuesday after the company shares began trading on a split-adjusted basis following a 25-to-1 reverse stock split.
- Last Thursday, Abeona ( ABEO ) disclosed the filing of an amendment to its Certificate of Incorporation to reflect the reverse stock split after which every 25 shares of the company’s outstanding common stock will be converted into one share of new common stock.
- The event will have no impact on per share par value of $0.01 and the number of authorized shares will remain at 200M immediately after the reverse stock split, Abeona ( ABEO ) said in the regulatory filing.
- A few days earlier, the company announced that Nasdaq granted 180-day grace period to regain compliance with the $1.00 minimum bid price requirement for listing.
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Abeona crashes 21% as reverse stock split takes effect