BioXcel Therapeutics announced a 1-for-16 reverse stock split of its common stock, effective at 5:00 p.m. Eastern Time on February 7, 2025. Trading on a split-adjusted basis is expected to commence on Monday, February 10, 2025, under the existing Nasdaq symbol "BTAI" with a new CUSIP number.
The primary purpose of this reverse stock split is to regain compliance with the Nasdaq Capital Market's minimum bid price requirement for continued listing. Stockholders approved the reverse stock split at a special meeting on January 28, 2025, with the Board of Directors subsequently approving the 1-for-16 ratio.
Fractional shares will not be issued, with stockholders entitled to receive cash payments for any fractional shares. The reverse stock split will uniformly affect all stockholders and will not alter their relative interest in the company's equity securities, aside from fractional share adjustments.
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