Following a stock split, Palisade Bio Inc. (NASD: PALI) dropped -10.04% to $3.00 in pre-market trading hours on Wednesday as the company began to trade on a split basis today.
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How did PALI deal with the split?
A 1-for-50 reverse split of Palisade Bio (PALI) common stock, par value $0.01 (“Common Stock”), was announced and went into effect yesterday. The Nasdaq Capital Market (“Nasdaq”) will continue to allow trading of Palisade Bio Common Stock on a split-adjusted basis as of today using the trading symbol “PALI,” but as of November 16, 2022, trading will take place under the new CUSIP number 696389204.
At the PALI shareholders’ special meeting on October 4, 2022, the reverse stock split was authorized. The primary goals of the reverse stock split are to raise PALI’s trading price per share and bring the company into conformity with the Nasdaq listing criteria regarding the minimum share price. Every 50 shares of common stock issued and outstanding as of the reverse stock split’s effective date will be immediately converted into one share of PALI common stock.
The number of shares of Common Stock underlying the existing warrants, equity-based awards, and other equity rights will be multiplied by 50, along with the exercise or conversion price, if applicable, to adjust them proportionally. The reverse stock split will not result in the issuance of any fractional shares. Shareholders of record who would otherwise be entitled to a fractional share as a consequence of the reverse stock split will instead receive cash.
Following the reverse split, the par value of the Common Stock will stay at $0.01 per share. Except to the extent that the reverse split results in some stockholders owning a fractional share, it will have no adverse effects on any stockholder’s percentage interest in the company’s equity.
Executive leadership changed at PALI:
Palisade Bio had an executive leadership shift. Thomas Hallam, Ph.D., resigned from his position as CEO on October 10, 2022. The company’s board of directors has named JD Finley, the CFO at the moment, as temporary CEO, and starting on October 10, 2022, Mr. Finley will take over Dr. Hallam’s responsibilities.
The board of directors thought JD Finley was particularly prepared to oversee Palisade Bio (PALI) and its continuous progress of LB1148 during that period of change. JD has been Palisade’s CFO since 2017, during which time he oversaw several financings and was crucial to the successful completion of the business’s 2021 merger with Seneca Biopharma, which led to PALI’s Nasdaq IPO.
