(RTTNews) - Acasti Pharma Inc. (ACST) said it will effect a 1-for-6 reverse split of issued and outstanding common shares, effective July 10, 2023. When the reverse stock split becomes effective, every six common shares will be automatically combined into one new common share of Acasti.
The company noted that the reverse stock split is being affected as part of its plan to regain compliance with the $1.00 minimum bid price continued listing requirement of The NASDAQ Capital Market.
The company said the reverse stock split will reduce the number of outstanding common shares from approximately 44.6 million shares to approximately 7.4 million shares.
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