By Robb M. Stewart
Seelos Therapeutics’ board has given the green light to a 1-for-30 reverse stock split in an effort to regain compliance with Nasdaq’s minimum bid price requirement of $1 a share.
The clinical-stage biopharmaceutical company, which last month hired Canaccord Genuity to help with a review of potential partnerships, collaborations and other opportunities, said its shares will begin trading on a reverse stock split-adjusted basis when the market opens Tuesday.
In early trading Friday, the shares were 23% lower at 13 cents, and have dropped 81% this year.
Write to Robb M. Stewart at robb.stewart@wsj.com
Read the full article here
