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Conduit Pharmaceuticals Inc. Announces Reverse Stock Split
NAPLES, Fla. and CAMBRIDGE, United Kingdom, May 16, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development, announces that its board of directors has approved a 1-for-15 reverse stock split of the Company’s common stock. The Company’s stockholders approved the reverse stock split proposal at the Company’s Special Meeting of Stockholders hel
About this update from Cdt Equity Inc.
[{"type":"text","content":"NAPLES, Fla. and CAMBRIDGE, United Kingdom, May 16, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development, announces that its board of directors has approved a 1-for-15 reverse stock split of the Company’s common stock. The Company’s stockholders approved the reverse stock split proposal at the Company’s Special Meeting of Stockholders held on May 5, 2025. They granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split.","length":652,"tagName":"p"},{"type":"text","content":"The reverse stock split will become effective on May 19, 2025, at 5:00 pm, Eastern Time (the “Effective Time”), and the Company’s common stock is expected to begin trading on a reverse stock split-adjusted basis on The Nasdaq Global Market (“Nasdaq”) at market open under the existing ticker symbol, “CDT” on May 20, 2025, the date which has been approved by Nasdaq for the effectiveness of such split.","length":402,"tagName":"p"},{"type":"text","content":"As of the Effective Time, every fifteen shares of the Company’s issued and outstanding common stock will be combined into one share of common stock. The par value per share of the Company’s common stock will remain unchanged at $0.0001. Proportional adjustments will be made to the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants, as well as the applicable exercise price, and the number of shares authorized and reserved for issuance pursuant to the Company’s equity incentive plans.","length":564,"tagName":"p"},{"type":"text","content":"The Company’s common stock will continue to trade on The Nasdaq Stock Market under the symbol “CDT” following the reverse stock split, with a new CUSIP number of 20678X 304. After the effectiveness of the reverse stock split, the number of outstanding shares of common stock will be reduced to approximately 755,900. No fractional shares will be issued in connection with the reverse stock split, and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment.","length":509,"tagName":"p"},{"type":"text","content":"The Company’s trans...