180 Life Sciences Corp., known as ATNF, has announced its decision to undertake a reverse stock split of its existing common stock at a ratio of 1-for-19. This means that every 19 shares of the currently issued and outstanding common stock will be automatically consolidated into a single share of the company's common stock. As a result of this reverse stock split, the company's outstanding common stock will be streamlined from approximately 11.3 million shares down to approximately 0.6 million shares.
The said reverse stock split is projected to take effect on February 28, 2024, with its shares expected to commence trading on the Nasdaq Capital Market on an adjusted basis at the start of the trading day on the same date. According to 180 Life Sciences Corp., this strategic move forms part of their plan to return to compliance with the minimum bid price requirement of $1.00 per share.
