- Commercial-stage biotech Palatin Technologies ( NYSE: PTN ) lost ~13% in pre-market trading Friday after the company announced its plans to implement a 1-for-25 reverse split of its common stock.
- The reverse stock split is expected to take effect at 5:00 p.m. on Aug. 30, 2022, and PTN shares will begin trading on a split-adjusted basis when the market opens on the next day.
- The corporate action is in line with an amendment the company's shareholders approved in June at Palatin's ( PTN ) annual meeting of stockholders.
- The reverse stock split is expected to reduce the company's outstanding number of common stock to ~9.2M from ~231.8M. However, the authorized number of shares will remain at 300M of common stock.
- PTM shares have lost more than 42% in the year, as indicated in this graph.
For further details see:
Palatin tumbles 13% on plans for reverse stock split