MEI Pharma falls on 1-for-20 reverse stock split
- MEI Pharma (NASDAQ:MEIP) said its board of directors had approved a 1-for-20 reverse stock split.
- (MEIP) is trading 2% lower after the bell.
- The company's common stock undergoes split adjustment and will become available for trading on the Nasdaq Capital Market starting Monday, April 17.
- Through the reverse stock split, the company aims to elevate the per-share trading value of its common stock, meeting the minimum bid price required to maintain its Nasdaq listing.
- The outstanding common stock shares will be decreased to roughly 6,663,043 following the reverse split from approximately 133,260,865 shares.