Iterum drops on 1-for-15 reverse share split plan

Iterum Therapeutics

17/08/2022 11:20

** Shares of Iterum Therapeutics Plc  ITRM.O  fall 10% to 25
cents, among biggest pct. losers across U.S. stock exchanges
premarket
    ** Co says the 1-for-15 reverse share split of its
outstanding ordinary shares will be effective from Aug. 17, 5:00
p.m. ET  urn:newsml:reuters.com:*:nGNXmb7rc
    ** In June, the company's shareholders approved the reverse
share split after its board determined it was necessary to
comply with the Nasdaq bid price rule
    ** Reverse share split will reduce the number of outstanding
ordinary shares from about 183.3 mln to about 12.2 mln
    ** Authorized ordinary shares post-split will be 20 mln from
300 mln
    ** Company had a market cap of $50.46 mln, based on stock's
last closing price - Refinitiv data
    ** Up to Tuesday's close, shares had lost ~30% YTD 

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