Tharimmune (NASDAQ:THAR) stock is falling on Monday as investors prepare for the company to enact a reverse stock split after markets close today.
That reverse stock split will see the company consolidate 25 shares of THAR stock into a single share. Doing so will boost the price of the company’s stock without affecting its market capitalization. This will leave it with 700,474 shares outstanding after the split.
With the reverse stock split going into effect after markets closed, the stock will start trading on a post-split basis when markets open tomorrow. The CUSIP number for the shares changes to “432705200” but the stock ticker will remain THAR.
What’s Behind the THAR Reverse Stock Split?
Tharimmune says the main purpose of its reverse stock split is increasing the price of THAT shares. The company is doing this to get its shares above the $1 minimum bid price needed to remain on the Nasdaq Exchange. The closing price for THAR stock on Friday was 21 cents per share.
With today’s reverse stock split news comes an 8.1% decrease in THAR stock during pre-market trading. That’s on top of the shares falling 38.2% year-to-date as of Friday’s close.
Investors seeking out even more of the hottest stock market stories will want to keep reading!
We’re tackling all of the biggest stock market stories traders need to know about on Monday! That includes what’s going on with shares of Aligos Therapeutics (NASDAQ:ALGS) stock, Blue Star Foods (NASDAQ:BSFC) stock and Bruush Oral Care (NASDAQ:BRSH) stock today. All of that news is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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