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Synaptogenix announces reverse stock split to regain Nasdaq compliance By Investing.com

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NEW YORK – Synaptogenix, Inc. (NASDAQ:SNPX), a biopharmaceutical company focused on developing treatments for neurodegenerative diseases, has announced a reverse stock split of its common stock at a ratio of 1-for-25. This corporate action is set to take effect after market close on Thursday, with trading on a split-adjusted basis to commence on the Nasdaq Capital Market under the existing ticker symbol SNPX on Friday.

The reverse stock split is aimed at increasing the per-share trading price of Synaptogenix’s common stock, a strategic move designed to help the company meet the Nasdaq’s minimum bid price requirement for continued listing. As a result of the split, the total number of outstanding shares will be reduced from approximately 27.1 million to around 1.1 million, subject to adjustments for fractional shares.

Stockholders do not need to take any action if their shares are held electronically in book-entry form, as their holdings will be automatically adjusted. Those with physical stock certificates will receive instructions from the transfer agent, Pacific Stock Transfer Company, to exchange their certificates for new ones representing the post-split share count.

Instead of issuing fractional shares, stockholders will receive a cash payment for the fractional share based on the adjusted closing sale price of the common stock on April 4, 2024.

Synaptogenix’s equity awards, convertible preferred stock, and warrants will also see proportional adjustments in terms of the number of shares issuable upon exercise or conversion, along with the applicable exercise or conversion prices.

The company has conducted clinical and preclinical studies on its lead therapeutic candidate, Bryostatin-1, for Alzheimer’s disease and has received Orphan Drug Designation from the U.S. Food and Drug Administration for the treatment of Fragile X syndrome. Despite the optimism surrounding its clinical programs, Synaptogenix acknowledges the inherent risks and uncertainties in drug development that could affect the outcomes of its efforts.

This announcement is based on a press release statement from Synaptogenix, Inc.

InvestingPro Insights

In light of Synaptogenix, Inc.’s recent announcement of a reverse stock split, investors may be keen to understand the financial health and market performance of the company. According to InvestingPro data, Synaptogenix has a market capitalization of just $3.75 million, reflecting its status as a small-cap biopharmaceutical company. The…

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