CollPlant Board Approves 1-for-10 Reverse Split to Regain Nasdaq Compliance
CLGN sits 17% above its 52-week low of $0.264 on elevated volume (2.0× avg).
Summary
CollPlant's board has approved a 1-for-10 reverse stock split to regain Nasdaq's minimum bid price compliance. The reverse split is scheduled to take effect when the Nasdaq Capital Market opens on September 4, and shares will begin trading on a split-adjusted basis under the existing symbol 'CLGN'. The move follows shareholder approval obtained at the extraordinary general meeting on August 18. The reverse split will reduce the share count and proportionally increase the share price without changing market capitalization. It is part of efforts to stabilize the stock, which has been trading below $1, and follows recent capital raises and the LightSolver acquisition.
At the time of this announcement, CLGN was trading at $0.31 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $7M. The 52-week trading range was $0.26 to $3.18. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.