Summary by Moomoo AI
Cingulate Inc., a company listed on the Nasdaq Capital Market, has announced a 1-for-12 reverse stock split effective August 9, 2024. This corporate action follows the Nasdaq Hearings Panel's conditional approval for Cingulate to remain listed, provided it meets the $1.00 Minimum Bid Price requirement by August 23, 2024. The company had previously been notified of non-compliance with this requirement and faced potential delisting. The reverse stock split is intended to boost the company's share price to comply with Nasdaq's continued listing standards. The split will affect all shareholders uniformly and will not change their percentage ownership in the company, except for adjustments due to fractional shares, which will be rounded up to the next whole share. The company's common...Show More