(RTTNews) - Propanc Biopharma, Inc. (PPCB) has approved a 1-for-25 reverse stock split as part of its plan to maintain compliance with Nasdaq's continued listing standards and support its longer-term growth strategy.
The reverse split will take effect at the open of trading on May 18, 2026, after which Propanc's common stock will continue trading under the ticker "PPCB" with a new CUSIP number.
Following the split, every 25 pre-split shares will automatically combine into one new share, reducing the number of outstanding shares from approximately 56.96 million to 2.28 million on a pro forma basis. Fractional shares will be rounded up to the nearest whole share.
The company noted that the reverse split does not affect the par value of its common stock, and Securities Transfer Corporation will serve as the exchange agent.
CEO James Nathanielsz said the action is intended to "expeditiously restore compliance" with Nasdaq's minimum bid price requirement while the company advances its lead cancer-focused candidate, PRP, toward a planned Phase 1b clinical study in patients with advanced solid tumors.
Propanc continues to develop PRP as a novel proenzyme therapy designed to target and eradicate cancer stem cells, with the goal of preventing recurrence and metastasis.
PPCB closed Wednesday's trading at $0.09 up 2.76%.
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