PALO ALTO, Calif. - 180 Life Sciences Corp. (NASDAQ: ATNF), a clinical stage biotechnology company, has announced a reverse stock split of its common stock at a ratio of 1-for-19. This corporate action is scheduled to take effect on February 28, 2024, at 12:01 p.m. Eastern Time, with trading on the Nasdaq Capital Market anticipated to commence on a split-adjusted basis at market open the same day.
The reverse stock split is intended to help the company regain compliance with the Nasdaq's minimum bid price requirement of $1.00 per share, a condition for continued listing on the exchange. The decision for the reverse split was backed by stockholders during the Special Meeting held on February 16, 2024, and was subsequently approved by the company's Board.
Once effective, the reverse split will consolidate every 19 shares of issued and outstanding common stock into one share. The total number of outstanding shares will decrease from approximately 11.3 million to roughly 0.6 million, subject to adjustments for rounding and any additional issuances until the effective date.
This consolidation will also apply to all outstanding options, warrants, and other securities convertible into common stock, with adjustments made accordingly.
No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise hold a fractional share will receive one whole share of common stock instead. The reverse split will not alter the par value of the common stock, which will remain at $0.0001 per share, nor will it change the authorized number of shares of common or preferred stock.
Further details about the reverse stock split are available in the company's definitive proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on December 16, 2023, and additional information will be provided in a Current Report on Form 8-K to be filed after the effective date.
180 Life Sciences specializes in developing therapies for chronic pain, inflammation, and fibrosis, with a primary focus on anti-TNF (tumor necrosis factor) treatments for various inflammatory disorders.
This press release contains forward-looking statements regarding the company's future plans and prospects, which are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
The information in this article is based on a press release statement from 180 Life Sciences Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.