GT Biopharma (GTBP) has released an update to notify the public and investors about a material modification to rights of security holders.
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GT Biopharma, Inc. has filed to effect a 1-for-30 reverse stock split of its common stock, which will take place on February 2, 2024, at 5:00 p.m. Eastern time. This action will combine every thirty shares into one and will reduce the total outstanding shares from 41,419,000 to approximately 1,380,633. Fractional shares will not be issued; instead, shareholders will receive cash for their fractional entitlements. The authorized share count remains unchanged, and adjustments will be made to outstanding stock options and incentive plans. The stock will trade on a split-adjusted basis under the same symbol “GTBP” with a new CUSIP number starting February 5, 2024.
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For a comprehensive understanding of the announcement, you can read the full document here.
