On Friday, Soligenix, Inc. (SNGX) announced its intention to implement a 1-for-16 reverse stock split for its common stock. This adjustment will take effect at the start of trading on Thursday, June 6, 2024, on a split-adjusted basis.
Through the reverse stock split, every 16 shares of Soligenix's common stock currently in circulation will be consolidated into one share, while maintaining the same par value per share. This modification will affect all shareholders uniformly, preserving each individual's ownership percentage in the company.
The company further indicated that the reverse stock split would reduce its outstanding common shares from 15,799,837 shares to approximately 987,490 shares, after accounting for fractional shares adjustments.
