2023-05-31 09:51:51 ET
- Verastem Oncology ( NASDAQ: VSTM ) said Wednesday it will effect a 1-for-12 reverse stock split , effective at 5 p.m. ET on May 31.
- Shares -2.9% in morning trade.
- Its stock will start trading on a split-adjusted basis on June 1.
- The reverse stock split is aimed at increasing Verastem's ( VSTM ) stock price to ensure it meets continued listing requirements on Nasdaq Global Market.
- The move will reduce the number of outstanding shares from ~200.9M shares to ~16.7M shares.
- Earlier, Verastem ( VSTM ) surged 131% on updated data for ovarian cancer therapy.
For further details see:
Verastem Oncology announces 1-for-12 reverse stock split, shares fall 3%