First Wave BioPharma drops on reverse stock split announcement

GridAI Technologies

25/08/2022 17:47

** Drug Developer First Wave BioPharma Inc's shares  FWBI.O 
fall ~17% to 13 cents
    ** Co announces 1-for-30 reverse share split of its common
stock 
    ** Share split aimed at increasing the per share trading
price to meet the minimum bid price requirement for continued
listing on Nasdaq  urn:newsml:reuters.com:*:nGNXNwQvq
    ** FWBI will trade on a split-adjusted basis from Friday,
Aug. 26
    ** Reverse stock split will reduce the number of outstanding
shares from about 42 million to about 1.4 million
    ** Including session losses, stock lost ~90% YTD 

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))