(RTTNews) - Shares of Onconetix, Inc. (ONCO) are down by 12% after the company announced that it will implement a 1-for-5 reverse stock split. The split will become effective at 12:01 a.m. ET on March 25, 2026, after which the stock will begin trading on a split-adjusted basis under the same ticker.
Approved by shareholders in February, the reverse split will consolidate every five shares of common stock into one, with no change to the stock's par value. Fractional shares will not be issued; instead, shareholders will receive cash based on the closing price on March 24, 2026.
Following the adjustment, the number of outstanding shares will decrease from roughly 3.6 million to about 0.7 million, while authorized shares will remain unchanged. The split will also apply proportionally to preferred stock, warrants, and equity awards.
Onconetix said the action is intended to support continued Nasdaq listing as the company advances its men's health and oncology programs, including its prostate cancer diagnostic test Proclarix, which is approved in the EU and expected to be marketed in the U.S. as a lab-developed test through a partnership with Labcorp.
ONCO has traded between $0.44 and $14.87 over the past year. The stock is currently trading at $0.54, down 12.06%.
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