(RTTNews) - Onconetix, Inc. (ONCO), a commercial-stage biotechnology company, announced that its Board of Directors has approved a 1-for-10 reverse stock split of its outstanding shares of common stock, to be effective on May 21, 2026. The reverse stock split is intended to maintain compliance with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing.
On April 30, 2026, Onconetix held a special meeting of stockholders, at which the shareholders approved a proposal to effect one or more reverse splits at a ratio in the range of 1-for-2 to 1-for-10 at any time within one year from the meeting date.
With approval in place, the company has decided to fix a 1-for-10 split ratio. The reverse stock split will reduce the number of the company's outstanding common shares from approximately 11.4 million to about 1.14 million.
Onconetix holds rights related to Proclarix, an in vitro diagnostic test for prostate cancer originally developed by Proteomedix.
ONCO has traded between $0.11 and $38.25 over the last year. The stock closed Tuesday's trade at 0.12, down 61.56%.
In the overnight market, ONCO is $0.11, down 3.74%.
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