Why Is Sunshine Biopharma (SBFM) Stock Down 17% Today?


  • Sunshine Biopharma (SBFM) stock is down on a delisting notice.
  • The company is in danger of delisting due to its low stock price.
  • This has it planning for a reverse stock split to boost its share price.
SBFM Stock - Why Is Sunshine Biopharma (SBFM) Stock Down 17% Today?

Source: shutterstock.com/Michele Ursi

Sunshine Biopharma (NASDAQ:SBFM) stock is falling on Monday after the pharmaceutical company received a delisting notice from the Nasdaq Exchange.

That delisting notice notes that shares of SBFM stock have been trading for less than the $1 minimum bid price for too long. The company was first notified of this back in March 2023. It used extensions to try and regain compliance during the last year.

However, shares of SBFM stock have continued to fall, resulting in it trading for less than 10 cents per share for 10 consecutive business days. This has triggered another delisting notice. The company has sought an appeal, and a meeting with the Nasdaq Hearings Panel is set for April 25, 2024.

What This Means for SBFM Stock

Sunshine Biopharma notes that it intends to undergo a 1-for-40 reverse stock split as a way to boost the price of its shares. It already has shareholder approval for this action and hopes doing so will get it back above the Nasdaq’s minimum listing requirement.

News of the delisting notice and reverse stock split plans has brought heavy trading to SBFM shares this morning. That has over 4 million units trading hands as of this writing. That’s above its daily average trading volume of about 2.3 million shares.

SBFM stock is down 17% as of Monday morning.

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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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