- TransCode Therapeutics (RNAZ, Financial) announces a 1-for-28 reverse stock split effective May 15, 2025.
- The split aims to meet Nasdaq's minimum bid price requirement for continued listing.
- Outstanding shares will be reduced from 23,341,336 to approximately 833,620.
TransCode Therapeutics, Inc. (RNAZ) has confirmed that its 1-for-28 reverse stock split will become effective at 12:01 a.m. EST on May 15, 2025. This strategic move is intended to elevate the trading price of its common stock to comply with the Nasdaq Capital Market's minimum bid price requirement, ensuring the company maintains its listing.
Following the reverse split, TransCode's outstanding common shares will significantly decrease from 23,341,336 to about 833,620 shares. Shareholders will receive one new share for every 28 shares currently held. Any fractional shares resulting from the split will be rounded up to the nearest whole share, benefiting shareholders who would otherwise receive fractional shares.
Stockholders are not required to take any action, as positions will automatically adjust according to the split, whether held directly or through financial intermediaries like banks or brokers. The company's CUSIP number will change to 89357L 501 as of the effective date. Vstock Transfer LLC has been appointed as the exchange agent to facilitate this process.
The reverse split does not guarantee continued Nasdaq listing, as the company must still meet other listing standards, including maintaining adequate market value and shareholder equity. TransCode's management remains focused on leveraging its RNA therapeutics platform to address metastatic disease, with the lead candidate, TTX-MC138, targeting microRNA-10b overexpressed in certain metastatic tumors.
