Aditxt Inc (NASDAQ:ADTX) shares are moving higher Wednesday following a 1-for-50 reverse split.
The reverse stock split was approved by shareholders at the company’s special meeting on Sept. 7 and went into effect at the close on Tuesday. Aditxt shares began trading on a post-split basis Wednesday.
Every 50 shares of issued and outstanding common stock have been exchanged for 1 share of common stock. The company now has a total of 1,156,674 shares of common stock outstanding.
Aditxt said the main reason for the reverse stock split was to bring the company into compliance with the Nasdaq’s $1 per share minimum bid price requirement for continued listing.
Aditxt is a biotech innovation company developing and commercializing technologies focused on monitoring and modulating the immune system.
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ADTX Price Action: Aditxt shares were trading at $27.94 at time of publication, according to Benzinga Pro.
Photo: PublicDomainPictures from Pixabay.
