(RTTNews) - Diffusion Pharmaceuticals Inc. (DFFN) shares are sliding more than 18 percent on Tuesday morning trade after the company announced a 1-for-50 reverse stock split of its common stock, effective April 19. The split is to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market and its outstanding stocks will be reduced to about 2 million from 102 million.
Shares surged on the announcement and reached above 8.00 and then started to decline. Currently, shares are at $6.95, down 18.75 percent from the previous close of $8.56 on a volume of 507,648. For the 52-week period, the shares have traded in a range of $0.17-$9.19 on average volume of 1,284,901.
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