#United States #Stock Split #Boston #TransCode Therapeutics #RNA oncology

TransCode Therapeutics Initiates Reverse Stock Split

TransCode Therapeutics, Inc. (Nasdaq: RNAZ) is a pioneering company in RNA oncology, focused on developing innovative cancer treatments. Recently, the company has announced a significant corporate action—a 1-for-28 reverse stock split, which will take effect on May 15, 2025, at 12:01 AM ET. This crucial decision, approved by both the Board of Directors and shareholders on May 2, is intended to boost the company's common stock price to meet the minimum bid price requirement imposed by the Nasdaq Capital Market.

Reverse Stock Split Details

Under this reverse stock split, 28 shares of TransCode's existing common stock will automatically convert into one new share. Consequently, this will lower the total number of outstanding shares from approximately 23.3 million to around 833,620 shares. The adjustment aims to increase per-share trading prices, thereby aiding compliance with Nasdaq listing standards.

Fractional Shares and Adjustments

In relation to the share consolidation, it's important to note that no fractional shares will be issued. Instead, shareholders entitled to fractional shares will see their amounts rounded up to the nearest whole share. This procedural change will simplify the transition for stockholders transitioning to the new share structure. Additionally, necessary adjustments will also be made to stock options, warrants, and shares tied to TransCode’s stock incentive plans.

Importance of Compliance with Nasdaq Requirements

The primary objective of this stock split is twofold: first, to enhance the perceived value of the stock and second, to secure compliance with Nasdaq’s continuous listing requirements, which are critical for the company's financial health and stability in the competitive oncology market. The management has stressed the need to boost share prices, which can significantly impact investor interest and company funding opportunities.

Additional Information for Shareholders

For shareholders who hold their shares through various intermediaries such as banks or brokers, there is no additional action required to receive their post-split shares, as their positions will be automatically adjusted. However, it is advisable for these stockholders to check with their respective financial institutions for any specific procedures or timelines that may apply. Acknowledging the possible variance in processes related to the share split will aid in a smoother experience for shareholders.

Changes to CUSIP Number

As a result of the reverse stock split, TransCode Therapeutics will also undergo a change in its CUSIP number, which will be updated to 89357L 501 at the time of the share conversion. This is part of standard practices in stock splits to differentiate the new shares from the old.

About TransCode Therapeutics

A leader in the RNA therapeutics space, TransCode is dedicated to fighting metastatic cancer through pioneering treatment methodologies. Their flagship therapeutic, TTX-MC138, is aimed at tackling tumors characterized by the overexpression of microRNA-10b, a well-documented hallmark of cancer metastasis. The firm is also working on additional groundbreaking RNA candidates that stand to revolutionize cancer treatment by addressing the previously challenging aspects of RNA delivery.

Looking Forward

This reverse stock split is a strategic step in TransCode Therapeutics' ongoing journey to strengthen its market position and enhance its treatment capabilities in oncology. The company remains committed to its mission to innovate and improve cancer treatment efficacy through the development of advanced RNA therapeutics. Stakeholders will need to stay tuned for further developments as the company continues operational adjustments following the implementation of this significant change.