Synlogic (NASDAQ:SYBX) stock is sliding lower on Thursday after the biopharmaceutical company announced a reverse split for its shares.
According to a press release from Synlogic, the company enacted a reverse stock split after markets closed yesterday. That has the company’s shares starting to trade on a split-adjusted basis this morning.
Synlogic stock underwent a one-for-15 reverse stock split. This has the company consolidating 15 shares of SYBX stock into a single share. Doing so alters its outstanding shares from 69 million units to 4.6 million units without affecting its market capitalization.
Synlogic notes that its shares continue to trade on the Nasdaq Capital Market under the SYBX stock ticker. However, they now use the new CUSIP number 87166L 209.
What’s Behind the SYBX Reverse Stock Split?
Synlogic enacted this reverse stock split to boost the price of its shares and avoid delisting. The company’s stock previously closed out trading at just 28 cents. That’s below the $1 minimum required to remain on the Nasdaq. Following the reverse split, shares are trading at about $3.95 this morning.
SYBX stock is down 5.6% as of Thursday morning, with some 2,000 shares changing hands. For the record, the company’s daily average trading volume is about 222,000 shares.
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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.
