BRIDGEWATER, NJ - Tharimmune, Inc. (NASDAQ:THAR), a biotechnology firm working on inflammation and immunology treatments, is set to undergo a 1-for-15 reverse stock split after market close on May 24, 2024. The company's common stock will begin trading on a post-split basis at market open on May 28, 2024, retaining the "THAR" ticker but under a new CUSIP number 432705309.
This corporate action will convert every 15 shares of existing common stock into a single share, with fractional shares rounded up to the nearest whole. Post-split, Tharimmune is expected to have approximately 785,978 shares of common stock outstanding. Adjustments will also be made to outstanding equity-based awards and other equity rights to reflect the reverse stock split.
The move aims to comply with the Nasdaq's minimum bid price requirement of $1.00 per share for continued listing on the exchange. Tharimmune's stockholders approved the reverse stock split at the Annual Meeting of Stockholders on May 14, 2024, and the final ratio was determined by the Board of Directors. While intended to meet Nasdaq's listing standards, there is no guarantee that the reverse stock split will achieve this goal.
Tharimmune focuses on therapeutic candidates for various diseases, including a clinical-stage asset aimed at treating chronic pruritis in PBC, a rare liver disease, and an early-stage immuno-oncology pipeline targeting solid tumors. The company has a licensing agreement with OmniAb, Inc. for antibody discovery technology.
The information provided is based on a press release statement from Tharimmune, Inc.
InvestingPro Insights
As Tharimmune, Inc. (NASDAQ:THAR) prepares for its reverse stock split, investors are closely monitoring the company's financial health and market performance. According to the latest data from InvestingPro, Tharimmune holds a market capitalization of approximately $4.6 million USD, reflecting the size of the company in the current market.
Despite the challenging times, Tharimmune has seen a significant return over the last week, with a 1 Week Price Total Return of 8.05%. This could signal a potential shift in investor sentiment as the reverse stock split approaches.
InvestingPro Tips indicate that Tharimmune holds more cash than debt on its balance sheet, suggesting a degree of financial stability that may reassure investors. Additionally, the company's liquid assets exceed short-term obligations, providing some cushion against immediate financial pressures.
Still, it is worth noting that analysts do not anticipate the company will be profitable this year, and the stock has suffered a substantial decline over the past year, with a 1 Year Price Total Return of -95.96%. Tharimmune's Price to Book ratio stands at 0.65 as of the last twelve months, which might attract value investors looking for assets trading below their book value.
For those interested in a deeper dive into Tharimmune's financials and market performance, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available for THAR at https://www.investing.com/pro/THAR, which could be particularly useful for investors considering the company's stock following the reverse split. To access these tips and more detailed analytics, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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