Carmot closes $15M round to advance diabetes drug; Argos board clears reverse stock split, moves to small cap market
→ In a last-ditch effort to stay on Nasdaq, Argos Therapeutics $ARGS is going for a one-for-twenty reverse stock split, effective after the close of today. Starting tomorrow, the Durham, NC biotech will also transfer its listing (under the same symbol) to the small cap Nasdaq Capital Market from the mid cap Nasdaq Global Market — which still requires a minimum bid price of $1 but has lower thresholds otherwise. A developer of personalized immunotherapy with a troubled clinical record, Argos is currently trading at $0.16. As part of the reverse split, it may also issue cash payments to stockholders to compensate for any fractional shares they are entitled to.
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