Moleculin Biotech announces 1-for-15 reverse stock split
Investing.com | Editor Natashya Angelica
Published Mar 19, 2024 05:30PM ET
HOUSTON - Moleculin Biotech, Inc. (NASDAQ:MBRX), a clinical stage pharmaceutical company, has announced a 1-for-15 reverse stock split of its common stock, effective at the close of market on March 21, 2024. The move is aimed at regaining compliance with the Nasdaq Capital Market's minimum bid price requirement for continued listing.
Following the reverse stock split, every fifteen shares of Moleculin's common stock will be consolidated into one share. This action will reduce the number of shares from approximately 33.4 million to about 2.2 million, while the number of authorized shares will remain unchanged at 100 million. The par value per share will also stay the same at $0.001.
Trading on a post-split basis will commence on March 22, 2024, with the company retaining its ticker symbol "MBRX" but under a new CUSIP number 60855D309. No fractional shares will be issued; shareholders who would hold a fractional share will receive a rounding up to the nearest whole number.
Moleculin's pipeline includes Phase 2 clinical programs targeting challenging tumors and viruses. The company's lead program, Annamycin, is an anthracycline designed to avoid multidrug resistance and minimize cardiotoxicity, currently being developed for relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma (STS) lung metastases.
Moreover, Moleculin is working on WP1066, an Immune/Transcription Modulator for brain tumors and other cancers, and WP1220, a topical treatment for cutaneous T-cell lymphoma. The company is also exploring antimetabolites like WP1122 for potential treatment of COVID-19 and other viral infections, as well as cancer indications.
The information in this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.