Business
Phio Pharmaceuticals Announces Reverse Stock Split
Marlborough, Massachusetts--(Newsfile Corp. - July 2, 2024) - Phio Pharmaceuticals Corp. (Nasdaq: PHIO) (the "Company"), a clinical stage biotechnology
About this update from Phio Pharmaceuticals Corp.
[{"type":"text","content":"Marlborough, Massachusetts--(Newsfile Corp. - July 2, 2024) - Phio Pharmaceuticals Corp. (Nasdaq: PHIO) (the \"Company\"), a clinical stage biotechnology company whose proprietary INTASYL® siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells, today announced that the Company's Board of Directors has approved a reverse stock split of its shares of common stock at a ratio of 1-for-9. The reverse stock split will become effective at 12:01 a.m. Eastern Time on July 5, 2024 and the Company's common stock will open for trading on The Nasdaq Capital Market on a post-split basis on July 5, 2024 under the Company's existing trading symbol, \"PHIO.\" At such time, the Company's common stock will also commence trading with a new CUSIP number, 71880W501.\nThe reverse stock split is being implemented to increase the per share trading price of the Company's common stock, for the purpose of ensuring a share price high enough to comply with the minimum $1.00 bid price requirement for continued listing on The Nasdaq Capital Market.\nAt the effective time of the reverse stock split, every nine (9) shares of the Company's common stock issued and outstanding will be combined into one (1) share of common stock issued and outstanding, with no change to the par value of $0.0001 per share. This will reduce the Company's outstanding common stock from approximately 4.6 million shares to approximately 0.5 million shares. No fractional shares of common stock will be issued as a result of the reverse stock split. Instead, stockholders of the Company's common stock will receive a cash payment in lieu of any fractional shares to which they would otherwise be entitled. The shares of common stock underlying the Company's outstanding equity awards and warrants will also be adjusted accordingly. The reverse stock split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's common stock, except for adjustments that may result from the treatment of fractional shares.\nThe Company has retained its transfer agent, Computershare Trust Company, N.A. (\"Computershare\"), to act as its exchange agent for the reverse stock split. Stockholders with shares held in certificate form will receive from Computershare instructions regarding the exchange of their certificates. S...