Phio Pharma announces 1-for-12 reverse stock split to meet Nasdaq bid price requirement

Phio Pharmaceuticals Corp.

Board set ratio at 1-for-12; effective 12:01 a.m. ET Jan 26, 2023.
Outstanding shares reduced from ~13.7M to ~1.1M; no change to par value or voting rights.
Fractional shares paid in cash at $6.51/share based on 10-day average closing price.
Reverse split aimed at ensuring compliance with Nasdaq minimum $1.00 bid price requirement.
New CUSIP number 71880W402; trading symbol remains PHIO.

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

Phio Pharmaceuticals Corp.: Filed a Certificate of Amendment to effect a 1-for-12 reverse stock split of common stock (effective 2023-01-26).

Change: charter amendment
Effective: 2023-01-26

Exact text from the filing

thereafter, on January 24, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware, to implement the 1-for-12 reverse split of its common stock (the “Reverse Stock Split”).

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Phio Pharmaceuticals Corp. filing history →

Source: SEC EDGAR

accession 0001683168-23-000307

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