Palisade Bio Announces 1-For-50 Reverse Stock Split; Will Trade On The Nasdaq On A Split Adjusted Basis Starting November 16
Palisade Bio, Inc.(NASDAQ:PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, today announced a 1-for-50 reverse split of its common stock, par value $0.01 ("Common Stock"), effective at 4:01 PM ET today. Beginning on November 16, 2022, the Company's Common Stock will continue to trade on The Nasdaq Capital Market ("Nasdaq") on a split adjusted basis under the trading symbol "PALI," but will trade under the following new CUSIP number starting November 16, 2022: 696389204.
The reverse stock split was approved by Palisade Bio's stockholders at the special meeting of stockholders held on October 4, 2022. The reverse stock split is primarily intended to increase the Company's per share trading price and bring the Company into compliance with the Nasdaq's listing requirement regarding minimum share price.
As a result of the reverse stock split, every 50 shares of Common Stock issued and outstanding as of the effective date will be automatically combined into one share of Common Stock. Outstanding warrants, equity-based awards and other outstanding equity rights will be proportionately adjusted by dividing the shares of Common Stock underlying the securities by 50 and multiplying the exercise/conversion price, as the case may be, by 50. No fractional shares will be issued as a result of the reverse stock split. Stockholders of record otherwise entitled to receive a fractional share as a result of the reverse stock split will receive a cash payment in lieu of such fractional shares. The par value of the Common Stock will remain unchanged at $0.01 per share after the reverse split. The reverse split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse split results in some stockholders owning a fractional share as described above.
Additional information concerning the reverse stock split can be found in Palisade Bio's definitive proxy statement filed with the Securities and Exchange Commission on August 31, 2022.