Rockwell Medical Announces 1-for-10 Reverse Stock Split to Maintain Nasdaq Listing
RMTI is trading near its 52-week low of $0.603 (7.0% above the low).
Summary
Rockwell Medical has officially announced a 1-for-10 reverse stock split. This action follows shareholder approval on June 15th and previous disclosures regarding the company's non-compliance with Nasdaq's minimum $1.00 bid price requirement. The reverse split is a critical step to increase the stock price and regain compliance, thereby preventing potential delisting from the Nasdaq exchange.
At the time of this announcement, RMTI was trading at $0.64 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $25.7M. The 52-week trading range was $0.60 to $2.10. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.