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Skye Bioscience Reverse Stock Split to Be Effective on September 8th
San Diego, California--(Newsfile Corp. - September 7, 2023) - Skye Bioscience, Inc. (OTCQB: SKYE) ("Skye"), a pharmaceutical company developing proprietary
About this update from Skye Bioscience, Inc.
[{"type":"text","content":"San Diego, California--(Newsfile Corp. - September 7, 2023) - Skye Bioscience, Inc. (OTCQB: SKYE) (\"Skye\"), a pharmaceutical company developing proprietary medicines that modulate the endocannabinoid system to treat diseases with inflammatory, fibrotic, and metabolic processes, announced today that the previously announced 1-for-250 reverse stock split of its issued and outstanding common stock will become effective on Friday, September 8th. Skye's common stock is expected to begin trading on a split-adjusted basis when the market opens on Friday, September 8th. Skye will continue to trade on the OTCQB® Market under the symbol SKYE, although the letter \"D\" will be temporarily appended to the ticker symbol for twenty (20) trading days following the reverse split.\nAs a result of the reverse stock split, each 250 pre-split shares of common stock outstanding will automatically be combined into one issued and outstanding share of common stock. No fractional shares of common stock will be issued as a result of the reverse stock split. Each fractional share will be rounded up to one whole share. The new CUSIP for the common stock following the reverse stock split will be 83086J200.\nFollowing the reverse stock split, the total number of authorized shares of common stock will be 20,000,000 and approximately 12,312,551 shares of common stock will be issued and outstanding. Each stockholder's percentage ownership interest in Skye and proportional voting power will remain virtually unchanged except for minor changes and adjustments that will result from rounding fractional shares into whole shares. The rights and privileges of the holders of shares of common stock will be substantially unaffected by the reverse stock split. Under Nevada law, because the reverse stock split was approved by the Board of Directors of Skye in accordance with NRS Section 78.207, no stockholder approval is required.\nStockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split.\nAbout Skye Bioscience\nSkye is focused on unlocking the pharmaceutical potential of the endocannabinoid system, initially through modulation of the CB1 receptor, to treat diseases with inflammatory, fibrotic, and metabolic processes. Backed by leading biotechnology venture investors, Skye's strategy...