Hoth Therapeutics, Inc. (NASDAQ:HOTH), a patient-focused biopharmaceutical company, announced today that it will effect a 1-for-25 reverse split of its issued and outstanding and authorized common stock effective as of 12:01 a.m. Eastern Time on October 26, 2022. Commencing with the opening of trading on The Nasdaq Capital Market on October 26, 2022, the company’s common stock will trade on a post-split basis under the same trading symbol, “HOTH”.
As a result of the reverse stock split, the CUSIP number for the company’s common stock will be 44148G204. As a result of the reverse stock split, every 25 shares of issued and outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after the reverse stock split becomes effective, the company will have approximately 1,288,468 shares of common stock issued and outstanding. In addition, a proportionate adjustment will be made to the company’s authorized shares of common stock such that the company shall have 3,000,000 shares of authorized common stock after the effective time of the reverse stock split.
The reverse stock split is primarily intended to bring the company into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing; however, no assurance can be given that such reverse stock split will enable the company to regain compliance with the Nasdaq minimum bid price requirement.
