Why Transcode Therapeutics (RNAZ) Stock Is Moving

Transcode Therapeutics Inc (NASDAQ:RNAZ) shares are trading lower by 9% to 34 cents Monday afternoon after the company announced its Board’s approval of a 1-for-33 reverse stock split, aiming to boost its share price and maintain compliance with Nasdaq’s minimum bid price requirements.

What Else: Approved by stockholders on November 22, the split consolidates every 33 shares into one, reducing the outstanding shares from approximately 17.3 million to 523,202.

Fractional shares resulting from the split will be rounded up to the nearest whole share. Adjustments will also apply to the exercise prices of stock options, warrants, and shares under the company's incentive plans.

The effective date of the reverse split will be announced at least two business days in advance.

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According to data from Benzinga Pro, RNAZ has a 52-week high of $18.48 and a 52-week low of $0.22.