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Conduit Pharmaceuticals ( (CDT) ) just unveiled an update.
Conduit Pharmaceuticals announced a 1-for-100 reverse stock split of its common stock, effective January 24, 2025, following stockholder approval at the annual meeting on December 18, 2024. This move aims to increase the price per share to meet Nasdaq’s $1.00 minimum bid price requirement, with trading on a reverse split-adjusted basis commencing on January 27, 2025. The reverse stock split will reduce the outstanding shares to approximately 1.5 million, and no fractional shares will be issued, with cash payments provided for fractional entitlements.
More about Conduit Pharmaceuticals
Conduit Pharmaceuticals is a multi-asset, clinical stage, disease-agnostic life science company that focuses on delivering an efficient model for compound development. The company acquires and funds the development of Phase 2-ready assets, seeking exits through third-party license deals following successful clinical trials, diverging from the traditional pharma/biotech business model.
YTD Price Performance: -16.25%
Average Trading Volume: 52,280,715
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $10.38M
For a thorough assessment of CDT stock, go to TipRanks’ Stock Analysis page.