Conduit Pharmaceuticals Inc. (CDT), a prominent player in the life sciences sector, announced on Thursday that its board of directors has sanctioned a 1-for-100 reverse stock split of its common shares. This strategic move is designed to elevate the stock price, thereby satisfying the minimum bid price criterion essential for maintaining its Nasdaq listing.
Under this reverse stock split, shareholders will receive one share of common stock for every 100 shares currently held. The adjustment is set to take effect on January 24 at 5:00 PM ET, with trading on a split-adjusted basis anticipated to commence on January 27.
Presently, CDT shares are trading at $0.046, reflecting a decrease of 25.44 percent, or $0.015, on the Nasdaq.
