Transcode Therapeutics sends open letter to shareholders

The Board and Management of TransCode Therapeutics (RNAZ) issued the following open letter to shareholders of the Company: “At our upcoming Special Meeting to be held November 22, shareholders are being asked to authorize our Board of Directors to effect a reverse split – only if the Board determines that doing so is necessary as described below. Many shareholders rightly ask why this request. Some believe that the potential announcement of additional positive clinical data or other good news will favorably impact our stock price. However, there is no assurance that any good news will occur, will occur by the deadline required, or that the stock will rise after any such positive announcement(s). A reverse split is NOT something directors or management wishes to do – we all hope it won’t be needed. But the Nasdaq Hearings Panel that approved the extension to continue our Nasdaq listing did so on the condition that our shareholders authorize a reverse split – should one be necessary. The reverse split will not be necessary if our stock closes at $1.00 per share or more for any ten-day period prior to December 31, 2024. If our stock does not meet this Nasdaq requirement, and we do not have your vote in favor of the reverse split, Nasdaq will delist our stock.”