Rigel Pharmaceuticals ( NASDAQ: RIGL ) on Tuesday announced a reverse stock split, where every 10 shares of the company's pre-split common stock issued and outstanding will be automatically reclassified into 1 new share of its common stock. The stock split would reduce the number of shares outstanding from about 175.58M shares to about 17.
56M, subject to adjustment due to the payment of cash-in-lieu of fractional shares. The primary objective in effectuating the reverse stock split will be to attempt to raise the per-share trading price of the company's common stock. The reverse stock split will help the company maintain compliance with the minimum bid continued listing requirement on the Nasdaq.
The stock split will be effective when the market opens on June 27, 2024. Press release. More on Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc.
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