X4 Pharmaceuticals Announces Reverse Stock Split

Core Viewpoint - X4 Pharmaceuticals has announced a one-for-thirty reverse stock split to address compliance issues with Nasdaq's minimum bid price requirement and to potentially increase the market price of its Common Stock [1][11]. Summary by Sections Reverse Stock Split Details - The reverse stock split will take effect at 12:01 a.m. Eastern Time on April 28, 2025, with trading on a split-adjusted basis commencing on the same day [2]. - The split will consolidate every thirty shares into one, reducing the number of outstanding shares from approximately 173.6 million to about 5.8 million [3]. - Proportional adjustments will be made to equity incentive plans, stock options, and outstanding warrants in accordance with the reverse stock split [4]. Shareholder Impact - No fractional shares will be issued; instead, shareholders entitled to fractional shares will receive cash [5]. - Stockholders with shares held in book-entry form or through intermediaries will see the effects of the reverse stock split reflected in their accounts without needing to take action [6]. Compliance with Nasdaq - The reverse stock split was approved within the range disclosed at the 2025 Special Meeting of Stockholders held on April 17, 2025 [7]. - X4 received a deficiency letter from Nasdaq due to its stock price falling below the required minimum of $1.00 per share for 30 consecutive business days [8]. - The company was granted an additional 180-day compliance period until August 11, 2025, to regain compliance with the Bid Price Rule [10]. Company Strategy - X4 believes that the reverse stock split will help increase the market price of its Common Stock and address the deficiency in the Bid Price Rule [11].