Scilex (SCLX) said Friday it will implement a 1-for-35 reverse stock split of its outstanding shares on April 15 following previous shareholder and board approval.
The reverse split is expected to help the pharmaceutical company regain compliance with Nasdaq's minimum share price requirement of $1 per share for continued listing, Scilex said.
The reverse split will reduce the number of issued and outstanding common shares to about 6.9 million from 243 million.
Shares will start trading on a split-adjusted basis on April 15.
SCLX shares were down 19.5% in recent Friday trading.
Price: 0.20, Change: -0.05, Percent Change: -19.53
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