Intensity Therapeutics Inc., a Shelton-based biotechnology company, said its board has approved a 1-for-25 reverse stock split of the company’s common stock.
Intensity Therapeutics Inc., a Shelton-based biotechnology company, said its board has approved a 1-for-25 reverse stock split of the company’s common stock as it seeks to regain compliance with Nasdaq listing requirements.
The reverse split will take effect after markets close on Feb. 18, with shares expected to begin trading on a split-adjusted basis Feb. 19 under the existing ticker symbol, INTS.
Under the move, every 25 existing shares will be consolidated into one share. No fractional shares will be issued. Investors who would otherwise receive fractional shares will be paid cash based on the stock’s closing price on Feb. 18.
Intensity said the split will reduce its outstanding shares from about 63.3 million to roughly 2.53 million. The total number of authorized shares will not change.
The company said the action is intended to increase its per-share stock price and restore compliance with Nasdaq’s minimum bid price rule.
The reverse split
comes after Intensity disclosed late last year that it had halted patient enrollment in its lead Phase 3 cancer study, citing funding constraints.
