- Iterum Therapeutics ( NASDAQ: ITRM ) shares dropped 12% pre-market on Wednesday in response to the firm's 1-for-15 reverse share split announcement.
- The drugmaker plans to implement the share split of its outstanding ordinary shares on Aug. 17, 2022, which will be effective for trading purposes on the Nasdaq Capital Market upon commencement of trading on Aug. 18, 2022.
- The move was deemed necessary for the company to comply with Nasdaq's minimum $1.00 per share requirement.
- Under the split, 15 ordinary shares of $0.01 (nominal value) each in the authorized and unissued and authorized and issued share capital of the company will be consolidated into one ordinary share of $0.15 (nominal value) each.
- It will reduce the number of ordinary shares outstanding from ~183.3M to ~12.2M post-split and will also proportionately reduce the number of authorized ordinary shares from 300M to 20M.
For further details see:
Iterum Therapeutics stock slides on 1-for-15 reverse share split