Conduit Pharmaceuticals Approves 1-for-100 Reverse Stock Split, Stock Falls

(RTTNews) - Conduit Pharmaceuticals Inc. (CDT), a life science company, Thursday, announced that its board of directors has approved a 1-for-100 reverse stock split of the company's common stock.

The reverse stock split aims to increase the share price to meet the minimum bid price requirement for continued listing on Nasdaq.

For every 100 shares of the Company's issued and outstanding common stock, stockholders will receive one share of common stock.

The reverse stock split will become effective on January 24, at 5:00 PM ET. The company's common stock is expected to begin trading on a reverse stock split-adjusted basis on January 27.

CDT is currently trading at $0.046, down 25.44 percent or $0.015 on the Nasdaq.