Onconetix, Inc. (ONCO) shares tumbled 48.30 percent to $0.1580, down $0.1477 on Tuesday, after the company announced that its board approved a 1-for-10 reverse stock split to maintain compliance with Nasdaq listing requirements.
The stock is currently trading at $0.1580, compared with a previous close of $0.3057 on the Nasdaq. It opened at $0.1890 and traded between $0.1508 and $0.1890 during the session, with volume reaching 81.32 million shares, far above the average daily volume of 8.06 million shares.
The reverse split will take effect at 12:01 a.m. Eastern Time on May 21, 2026, with the stock beginning to trade on a split-adjusted basis at the market open that day. The move is intended to restore compliance with Nasdaq's minimum bid price requirement of $1.00 per share.
Under the split, every 10 existing shares will be automatically converted into one share of common stock.
Onconetix shares have traded between $0.1508 and $42.0750 over the past 52 weeks.
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