Immutep Plans Reverse Split of Nasdaq-Listed American Depositary Shares

MT Newswires Live05:52

Immutep (ASX:IMM) said it will change the ratio of its Nasdaq-listed American depositary shares (ADS) to 1 ADS representing 200 ordinary shares from 1 ADS representing 10 ordinary shares, equivalent to a 1-for-20 ADS reverse split, effective Sept. 28, according to a late Monday statement by the company.

The move is intended to help the company regain compliance with Nasdaq's $1 minimum bid-price requirement, following 30 consecutive business days of trading below that threshold.

The change will not affect the company's Australian Securities Exchange-listed shares, share capital, cash position or clinical programs, while fractional ADSs will be sold and the proceeds distributed to eligible holders.

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