SenesTech, Inc., a biotechnology company based in Delaware, announced plans for a reverse stock split of its common stock. The reverse stock split, subject to stockholder approval, will be at a ratio not less than 1-for-2 and not more than 1-for-20, as determined by the board of directors. The primary objectives are to increase the per-share market price to comply with Nasdaq's minimum bid price requirement and to enhance capital raising efforts. 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 board believes the reverse stock split is the best option to meet Nasdaq's criteria and make the stock more attractive to...Show More

SenesTech, Inc., a biotechnology company based in Delaware, announced plans for a reverse stock split of its common stock. The reverse stock split, subject to stockholder approval, will be at a ratio not less than 1-for-2 and not more than 1-for-20, as determined by the board of directors. The primary objectives are to increase the per-share market price to comply with Nasdaq's minimum bid price requirement and to enhance capital raising efforts. 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 board believes the reverse stock split is the best option to meet Nasdaq's criteria and make the stock more attractive to a broader range of investors. The exact timing and ratio of the split will be decided by the board, who may choose not to proceed if market conditions improve. The reverse stock split is not intended as a 'going private transaction' and does not aim to modify stockholder rights materially. If approved, the reverse stock split will reduce the number of outstanding shares, proportionally increase the stock price, and potentially improve liquidity and marketability. The company's board will have the discretion to implement the reverse stock split within one year of stockholder approval at the Annual Meeting.