Wellgistics Health Completes 1-for-50 Reverse Split, Reducing Shares to 2.5M for Nasdaq Compliance
WGRX sits 38% above its 52-week low of $0.07.
Summary
Wellgistics Health completed its 1-for-50 reverse stock split, reducing outstanding shares from approximately 125.7 million to 2.5 million. This action follows the company's previous announcement in March and multiple Nasdaq delisting notices due to non-compliance with minimum bid price requirements. The reverse split is a critical step for the company to regain compliance and avoid delisting, which has been a recurring issue amidst significant revenue declines and a going concern warning. The company now needs to maintain a sufficient bid price for a sustained period to satisfy Nasdaq's requirements.
At the time of this announcement, WGRX was trading at $0.10 on NASDAQ in the Technology sector, with a market capitalization of approximately $10.3M. The 52-week trading range was $0.07 to $2.56. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: ACCESS Newswire.