Sol-Gel Technologies Ltd. announced a reverse share split of its issued and outstanding ordinary shares at a ratio of 10-for-1. This corporate action was approved by shareholders on April 1, 2025, and by the board of directors on April 9, 2025.
The reverse split became effective at 11:59 p.m. Eastern Time on Friday, May 2, 2025, with post-split trading on Nasdaq expected to commence on Monday, May 5, 2025. The primary objective is to increase the per share market price to meet Nasdaq's minimum bid price requirement.
Following the reverse split, every ten outstanding ordinary shares were combined into one, with proportionate adjustments made to the par value and the number of shares issuable under outstanding options or warrants. All fractional shares were rounded to the nearest whole ordinary share.
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