Affimed N.V. (AFMD), a German biotech company, announced on Wednesday a 1-for-10 reverse stock split of its outstanding common shares with a par value of 0.01 euro per share.
As a result of this announcement, the stock is experiencing a 19 percent decline in pre-market trading.
This move aims to meet the minimum $1.00 per share requirement set by Nasdaq listing rules.
The reverse stock split is scheduled to take effect on March 8, 2024, after the market closes.
The common shares are anticipated to commence trading on a post-split basis on March 11, 2024, under the same trading symbol.
In pre-market activity on the Nasdaq, the shares are trading at $0.55, down 19.28%.
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