Tharimmune (NASDAQ:THAR) stock is on the move Friday as investors prepare for the company’s shares to undergo a reverse split when markets close today.
Tharimmune is enacting a 1-for-15 reverse stock split for THAR shares. The shares will still trade under the THAR ticker but will switch to the new CUSIP number 432705309.
Tharimmune notes that this split will see it consolidate every 15 shares of its stock into a single share. The company says that this will leave it with 785,978 shares of THAR stock after the reverse split is complete.
What’s Behind the THAR Reverse Stock Split?
Tharimmune is moving forward with this reverse stock split to boost the price of its shares. The company wants to boost its share price to reach the $1 minimum bid required to remain on the Nasdaq. The stock was trading for about 33 cents per share when markets closed yesterday.
Tharimmune wants to remain listed as it’s still only a clinical-stage biotechnology company. That means it doesn’t have a product to sell just yet. Remaining publicly listed is its goal leading up to a potential drug candidate release.
THAR stock is up 3.7% as of Friday morning ahead of the reverse split. However, the company’s shares were down 34.5% year-to-date (YTD) when markets closed on Thursday.
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On the date of publication, William White did not hold (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.
