SenesTech, Inc., a biotechnology company specializing in fertility management products for pests, announced plans for a reverse stock split to comply with Nasdaq's minimum bid price requirement and to aid in capital raising efforts. The company's board of directors has approved an amendment for a reverse stock split at a ratio not less than 1-for-2 and not more than 1-for-20, to be determined based on market conditions. The reverse stock split aims to reduce the number of outstanding shares, thereby increasing the per-share market price to meet Nasdaq's continued listing standards. The proposal requires stockholder approval, and if passed, the exact ratio will be set by the board and publicly announced. The reverse stock split is...Show More

SenesTech, Inc., a biotechnology company specializing in fertility management products for pests, announced plans for a reverse stock split to comply with Nasdaq's minimum bid price requirement and to aid in capital raising efforts. The company's board of directors has approved an amendment for a reverse stock split at a ratio not less than 1-for-2 and not more than 1-for-20, to be determined based on market conditions. The reverse stock split aims to reduce the number of outstanding shares, thereby increasing the per-share market price to meet Nasdaq's continued listing standards. The proposal requires stockholder approval, and if passed, the exact ratio will be set by the board and publicly announced. The reverse stock split is not intended as a 'going private transaction' and does not aim to alter stockholder rights materially. The company's board will have the discretion to implement the reverse stock split if it deems beneficial for the company and its stockholders. The reverse stock split is expected to make the stock more attractive to a broader range of investors and improve liquidity. However, there is no assurance that the reverse stock split will achieve the desired per-share price increase or maintain Nasdaq listing. The company received a notice from Nasdaq regarding non-compliance with the minimum bid price rule and has until August 19, 2024, to regain compliance. The reverse stock split is viewed as the best option to meet this requirement.