Lipella Pharmaceuticals (LIPO) announced that it intends to effect a 1-for-8 reverse stock split of its common stock effective as of 5:00 p.m. Eastern Time on November 7, 2024 upon the filing of a certificate of amendment to the Company’s certificate of incorporation with the Secretary of State of the State of Delaware. The Company expects that its common stock will begin trading on a split-adjusted basis when the market opens on November 8, 2024, under its current trading symbol “LIPO.” Following the reverse stock split, the CUSIP number for the Company’s common stock will be updated to 53630L209. The reverse stock split is intended to bring the Company into compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Stockholders approved the reverse stock split at the Company’s Annual Meeting of Stockholders held on September 10, 2024, with the Board of Directors subsequently approving the 1-for-8 ratio.
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