TransCode Therapeutics Implements 1-for-28 Reverse Stock Split to Maintain Nasdaq Listing
TL;DR
TransCode Therapeutics (NASDAQ: RNAZ) implements 1-for-28 reverse stock split to raise per-share price, complying with Nasdaq's bid price requirement.
TransCode's reverse stock split reduces outstanding common stock to about 833,620 shares post-split for efficient trading and compliance with Nasdaq's rules.
TransCode's focus on developing RNA therapeutics to treat cancer aims to improve patient outcomes and contribute to the fight against metastatic disease.
The 1-for-28 reverse stock split by TransCode Therapeutics is a strategic move to reshape the company's stock structure and enhance market position.
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TransCode Therapeutics, a clinical-stage RNA oncology company, announced a 1-for-28 reverse stock split effective May 15, 2025, aimed at maintaining its Nasdaq listing requirements. The strategic financial maneuver will reduce the company's outstanding common stock from approximately 23.3 million to about 833,620 shares.
The reverse stock split, approved by shareholders and the board of directors, is designed to raise the company's per-share price to meet Nasdaq's minimum bid price requirement. Under the split, each 28 existing shares will be consolidated into one new share. Vstock Transfer LLC will serve as the exchange agent for the transaction.
No fractional shares will be issued during the split; instead, fractional amounts will be rounded up to the nearest whole share. The company will continue trading under its existing ticker symbol, RNAZ, with a new CUSIP number of 89357L 501.
This corporate action represents a common strategy for small-cap biotechnology companies to maintain their stock exchange listing and improve investor perception. By increasing the per-share price, TransCode aims to signal financial stability and potentially attract more institutional investors.
The company remains focused on its core mission of developing RNA therapeutics to treat cancer, with its lead candidate TTX-MC138 targeting metastatic tumors that overexpress microRNA-10b.
Curated from InvestorBrandNetwork (IBN)
