After announcing a reverse stock split, NeuroBo Pharmaceuticals Inc. (Nasdaq: NRBO) is up 79.32% on the charts today, trading at $0.50 at the last check. The closing price of NRBO shares was $0.28 on Wednesday. Stocks have fluctuated between $0.3600 and $0.5670 during the trading session so far today.
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What are the NRBO’s plans?
A reverse split is being announced today by NeuroBo Pharmaceuticals (NRBO). It is effective at 5:00 pm Eastern time today and will be a 1-for-30 split.
- A split-adjusted version of the Company’s common stock will begin trading on The Nasdaq Capital Market on September 13, 2022.
- As part of the annual meeting of stockholders of the Company on June 9, 2022, the stockholders approved an amendment to the Company’s Certificate of Incorporation.
- The amendment allowed a reverse split of the Company’s outstanding common stock at a ratio ranging from 1-for-5 to 1-for-35, based on the Board of Directors’ discretion.
- This enables the Company to comply with Nasdaq Stock Market requirements requiring it to continue listing by converting its outstanding 5 to 35 shares into 1 share of NRBO Common Stock.
- In proportion to the reverse split, NRBO’s outstanding stock options and warrants will be converted into shares of common stock upon the effective date of the reverse stock split.
- These changes will also raise the prices at which stock options and warrants can be converted and exercised.
As a result of the Reverse Stock Split, any fractional shares of Common Stock that would be created will be rounded down to the next whole share, and the stockholder will be compensated by receiving cash equal to the market value of the fractional share, which will be calculated by multiplying a such fraction by the last trading price of the Company’s Common Stock reported on Nasdaq before the Reverse Stock Split takes effect.
How will it be implemented in the capital market?
The common stock of NeuroBo Pharmaceuticals (NRBO) will continue to trade under the symbol “NRBO” on The Nasdaq Capital Market. In the wake of the reverse split, the common stock’s CUSIP number changed to 64132R206. In total, 100 million shares of NRBO common stock will remain authorized, though approximately 0.9 million shares will remain outstanding, reducing from 26.7 million shares outstanding before the split.
