That Landscape of Psychedelics changes quickly. Big or small, everyone biotech company looks for ways to push them further research and Products & Services marketing.
whether forwards or backwards, Stock splits should not and should not change the actual value of a company. Yet there is one few reasons why companies choose to cut the cake into different sized pieces. For example, one is compliance with listing requirements.
The time seems to have come Silo Pharma Inc. SILOa company in the development phase, follows MindMed‘s MNMD steps and effect a 1-to-50 reverse split of its common stock in preparation for the listing of its securities on the NASDAQ capital market.
The new division became effective at market open on September 15, with common stock trading on the OTC market at the temporary “SILOD” symbol. This ticker will remain active for 20 business days or until the company is listed on Nasdaq Trading symbol goes back to the original “SILO”.
Silo filed an application to list its common stock on the Nasdaq because it meets financial and liquidity listing requirements, except for the required minimum share price, which the company hopes to achieve with its new reverse stock split.
The plan provides that every 50 issued and outstanding common shares will be exchanged for one common share, with fractional shares rounded up to the nearest whole share.
After the reverse stock split, the Company will have approximately 1,987,906 issued and outstanding common shares.
