RAPT Therapeutics, Inc. (RAPT), a clinical-stage biopharmaceutical company focused on immunology, announced on Friday that it will carry out a 1-for-8 reverse stock split of its common shares, effective June 16, 2025.
Following the reverse split, RAPT's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Market under the same ticker symbol 'RAPT,' starting June 17, 2025.
The new CUSIP number for the post-split shares will be 75382E 208.
The reverse stock split will reduce the number of issued and outstanding shares from approximately 132.3 million to approximately 16.5 million. Each stockholder's shares will be consolidated at a ratio of 1 new share for every 8 previously held shares.
The company said no fractional shares will be issued; instead, cash will be paid for any fractional holdings.
RAPT Therapeutics focuses on discovering and developing novel therapies targeting immunological and inflammatory diseases.
The reverse stock split is expected to support long-term strategic goals and enhance the company's capital markets profile.
Currently, RAPT is trading at $1.01, down by 8.86 percent on the Nasdaq.
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