First Wave BioPharma Shares Dive 19% on 1-for-30 Reverse Stock Split

By Denny Jacob

First Wave BioPharma Inc. shares dived 19% to 13 cents after the company said it plans to initiate a 1-for-30 reverse stock split.

The clinical-stage biopharmaceutical company said trading on a split-adjusted basis will begin when the market opens on Friday.

The reverse stock split will reduce the number of shares of First Wave’s common stock outstanding to about 1.4 million shares from approximately 42 million shares.

The company said the split is intended to increase the per- share trading price of its common stock to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market, among other reasons.

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