X4 Pharmaceuticals (XFOR), focused on rare immune system diseases, has announced a 1-for-30 reverse stock split of its common stock.
The move was approved by the company's board and will take effect at 12:01 a.m. ET on April 28, 2025. Trading of the adjusted stock will begin that same day under the new CUSIP number 98420X202.
The reverse split will consolidate every 30 existing shares into one, reducing the outstanding shares from approximately 173.6 million to about 5.8 million. The par value per share remains unchanged. All relevant equity plans, options, and warrants will be proportionally adjusted, though Class C warrants will retain their existing CUSIP number (98420X137). Fractional shares will not be issued—holders entitled to them will receive cash in lieu.
Shareholders holding their stock in book-entry or through brokers need not take any action; changes will be automatically reflected post-split.
This action aligns with the range of ratios previously authorized by stockholders at the company's April 17, 2025 Special Meeting. It also addresses a deficiency notice X4 received from Nasdaq on August 13, 2024, due to its share price falling below the required $1.00 minimum. While initially given until February 10, 2025, to regain compliance, the company was granted an extension until August 11, 2025. Nasdaq's extension acknowledged that X4 still met other listing standards apart from the bid price rule.
The company believes this reverse stock split will elevate its stock price and help it regain compliance with Nasdaq's listing requirements.
Thursday, XFOR closed at $0.1872, down 1%, and is currently trading at $0.1875 in after-hours, up 0.16%, on the Nasdaq Capital Market.
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