X4 Pharmaceuticals, Inc. (XFOR), Thursday, announced that its board of directors has approved a 1-for-30 reverse stock split of its common stock, effective on April 28, 2025.
The company's shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market that same day under the new CUSIP number 98420X202.
Following the reverse split, every 30 issued shares of Common Stock will be combined into one share, reducing the total outstanding shares from approximately 173.6 million to about 5.8 million. No fractional shares will be issued; instead, shareholders will receive cash in lieu.
The reverse stock split will also trigger proportional adjustments to equity awards, options, and warrants, though the CUSIP number for Class C warrants will remain unchanged.
The move aims to regain compliance with Nasdaq's minimum $1.00 bid price requirement. X4 had previously received a deficiency notice in August 2024 and was granted an extension until August 11, 2025, to rectify the listing requirement.
X4 stated the reverse stock split is intended to boost its stock price and maintain its Nasdaq listing.
The company continues to advance its pipeline, including the marketed CXCR4 antagonist XOLREMDI and its ongoing Phase 3 4WARD trial in chronic neutropenia.
Currently, XFOR is trading at $0.18 down by 8.64 percent on the Nasdaq.
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