2023-08-04 09:00:19 ET
- Adial Pharmaceuticals Inc ( NASDAQ: ADIL ) Friday announced that it will effect a 1-for-25 reverse stock split of its common stock, par value $0.001 per share that will become effective on August 4, 2023 at 11:59 p.m. Eastern Time.
- Adial's common stock will continue to trade on Nasdaq under the symbol “ADIL” and will begin trading on a split-adjusted basis when the Nasdaq opens on August 7, 2023.
- The 1-for-25 reverse stock split will proportionally reduce the number of outstanding shares from approximately 30.5 million shares to approximately 1.2 million shares.
- Among other considerations, the reverse split is intended to bring the company into compliance with the minimum bid price requirement for maintaining the listing of its stock.
- ADIL +11.7455139% premarket to $0.274
- Source: Press Release
For further details see:
Adial Pharmaceuticals announces reverse stock split to regain compliance