Company Overview - GRI Bio, Inc. is a biotechnology company focused on developing Natural Killer T (NKT) cell modulators for treating inflammatory, fibrotic, and autoimmune diseases [3][9] - The company's lead program, GRI-0621, is an oral therapeutic aimed at treating idiopathic pulmonary fibrosis, addressing a significant unmet medical need [9] - GRI Bio is also developing a pipeline of novel type 2 NKT agonists for systemic lupus erythematosus and has a library of over 500 proprietary compounds to support its pipeline [9] Reverse Stock Split Announcement - The board of directors approved a 1-for-13 reverse stock split, reducing the number of outstanding shares from approximately 6,605,271 to about 508,091 shares [3][8] - The reverse split is intended to increase the per share trading price to comply with Nasdaq's minimum bid price requirement [3][6] - The reverse split will take effect on June 17, 2024, and trading under a new CUSIP number will begin on June 18, 2024 [3][6] Stockholder Impact - Stockholders holding shares electronically will not need to take action to receive post-split shares, while those with physical certificates will receive instructions for exchanging them [6][8] - No fractional shares will be issued; stockholders entitled to a fractional share will receive a cash payment based on the adjusted closing sale price [8]
GRI Bio Announces Reverse Stock Split