Core Viewpoint - Conduit Pharmaceuticals Inc. has announced a 1-for-100 reverse stock split to comply with Nasdaq's minimum bid price requirement and enhance the stock's marketability [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on January 24, 2025, at 5:00 PM Eastern Time, with trading on a reverse-adjusted basis starting January 27, 2025 [2]. - Every 100 shares of common stock will be combined into one share, resulting in approximately 1.5 million outstanding shares post-split [3][4]. - The par value per share remains unchanged at $0.0001, and adjustments will be made to equity awards and convertible securities accordingly [3]. Group 2: Trading and Administrative Aspects - The common stock will continue to trade under the ticker symbol "CDT" with a new CUSIP number of 20678X205 after the reverse stock split [4]. - No fractional shares will be issued; stockholders entitled to fractional shares will receive a proportional cash payment [4]. - VStock Transfer, LLC will act as the exchange agent, and registered stockholders will not need to take action to receive post-split shares [5]. Group 3: Company Overview - Conduit Pharmaceuticals is a clinical stage, disease-agnostic life science company focused on efficient compound development, acquiring and funding Phase 2-ready assets [7]. - The company aims to exit through third-party license deals following successful clinical trials, differing from traditional pharma/biotech models [7].
Conduit Pharmaceuticals Inc. Announces Reverse Stock Split