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TransCode Therapeutics Announces 1-for-33 Reverse Stock Split
BOSTON, Nov. 25, 2024 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ:RNAZ) ("TransCode" or the "Company"), the RNA Oncology Company™ committed to more effectively treating cancer using RNA therapeutics, today announced that its Board of Directors has approved a 1-for-33 reverse stock split. The reverse stock split was approved by TransCode's stockholders on November 22, 2024, and is intended to increase the per share trading price of the Company's common stock to enable the Company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The 1-for-33 reverse stock split will automatically convert thirty-three current shares of TransCode's common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. In lieu of issuing fractional shares, stockholders of record who otherwise would be entitled to receive fractional shares will be entitled to rounding up of the fractional share to the nearest whole number. The reverse split will reduce the number of shares of common stock outstanding from 17,265,658 shares to approximately 523,202 shares. Proportional adjustments also will be made to the exercise prices of TransCode's outstanding stock options and warrants, and to the number of shares issued and issuable under TransCode's stock incentive plans.
The 1-for-33 reverse stock split will automatically convert thirty-three current shares of TransCode's common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. In lieu of issuing fractional shares, stockholders of record who otherwise would be entitled to receive fractional shares will be entitled to rounding up of the fractional share to the nearest whole number. The reverse split will reduce the number of shares of common stock outstanding from 17,265,658 shares to approximately 523,202 shares. Proportional adjustments also will be made to the exercise prices of TransCode's outstanding stock options and warrants, and to the number of shares issued and issuable under TransCode's stock incentive plans.
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