Channel Therapeutics (CHRO) said Friday it will implement a 10-for-one reverse split of its common shares.
The reverse stock split is intended to increase the market price of the company's common shares and help it satisfy the initial listing requirements of the NYSE American in connection with the expected closing of the merger between its CHRO Merger Sub unit and Ligand Pharmaceutical's (LGNB) LNHC subsidiary.
The reverse stock split is expected to be effective before markets open on July 1. Once effective, the reverse stock split is expected to reduce the company's issued and outstanding shares to about 648,501 shares from about 6.5 million shares.
Price: 1.47, Change: +0.30, Percent Change: +25.64
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