Synlogic implements 1-for-15 reverse stock split effective Sep 27, 2023 to meet Nasdaq bid price rule

SYNLOGIC, INC.

Reverse stock split at 1:15 ratio effective 5:00 PM ET on Sep 27, 2023; shares outstanding reduce from ~69M to ~4.6M.
Split approved by shareholders at Sep 21 special meeting; no change in authorized shares, par value $0.001.
No fractional shares; cash in lieu based on Sep 27 closing price.
Stock continues on Nasdaq under symbol SYBX; new CUSIP 87166L209.
Primary goal: regain compliance with Nasdaq minimum $1.00 bid price requirement.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SYNLOGIC, INC.: Reverse stock split of common stock at a ratio of 1-for-15 via Certificate of Amendment to Amended and Restated Certificate of Incorporation (effective 2023-09-27).

Change: charter amendment
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, the Company filed with the Secretary of State of the State of Delaware the Certificate of Amendment to effect a one-time reverse stock split of the Company’s common stock, at a ratio of 1-for-15 (the “Reverse Stock Split”). The Reverse Stock Split was effective at 5:00 p.m. Eastern Time, after the close of trading on The Nasdaq Capital Market, on September 27, 2023

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Source: SEC EDGAR

accession 0001193125-23-245646

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