(RTTNews) - Sutro Biopharma, Inc. (STRO), a clinical stage oncology company, Monday announced that it has approved a 1-for-10 reverse stock split of its common stock.
The reverse stock split reduces the number of shares of the common stock from around 85,193,912 shares to approximately 8,519,392 shares and is aimed at regaining compliance with Nasdaq's minimum bid price requirement of $1 per share.
The reverse stock split will be effective on December 3 and the common stock will begin trading on a post-reverse stock split basis on December 3, under the existing symbol STRO with a new CUSIP number of 869367201.
In pre-market activity, STRO shares were trading at $0.85, down 7.41% on the Nasdaq.
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