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- Shares of Outlook Therapeutics (NASDAQ:OTLK) fell on Tuesday after the ophthalmic drug developer announced a 1-for-20 reverse stock split of shares of its common stock to regain compliance with Nasdaq listing rules.
- Accordingly, every 20 shares of Outlook’s (OTLK) outstanding common stock will convert to one such unit effective March 14, 2024.
- The decision is expected to help the Iselin, New Jersey-based biotech’s plans to regain compliance with the minimum bid price requirement needed for continued listing on Nasdaq.
- Following the reverse stock split, the number of shares of OTLK common stock will drop to ~13.0M from ~260.3M.
- However, there will not be any changes to stockholders’ relative ownership in the company’s equity securities, except in cases where there are adjustments to fractional shares.