Citius Pharmaceuticals falls after announcement of reverse stock split

Citius Pharmaceuticals

22/11/2024 14:56

** Shares of drug developer Citius Pharmaceuticals  CTXR.O 
fall 21% to 13 cents 
    ** CTXR announces plans to execute stock split of its common
stock at ratio of 1-for-25 
    ** Stock split intended to boost its share price to meet
Nasdaq's $1 minimum bid price requirement, co says
    ** Stock split to be effective at 5.00 pm ET on Nov. 25
    ** Co says stock split will reduce its issued and
outstanding shares from 193 mln to ~7.7 mln 
    ** Authorized shares to drop from 400 mln to 16 mln, co says
    ** Including session's gains, stock has fallen 82.4% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))