RESEARCH TRIANGLE PARK, N.C. — Two Research Triangle Park-based drug development companies, Heat Biologics and Argos Therapeutics, are doing reverse stock splits in order for their shares to remain traded on the Nasdaq exchange.
Both companies have failed to meet Nasdaq’s minimum bid price requirement and as a result are doing reverse stock splits to prevent a delisting.
Heat Biologics will split its shares of common stock at a ratio of 1 for 10, while Argos Therapeutics split every 20 shares of common stock into one share.
Argos Therapeutics began trading at the post-split price on Friday. Heat Biologics’ split will take effect at 11 p.m. Friday and will begin trading post-split on Jan. 22.
Heat Biologics had until March 12 to achieve a minimum bid price per share of at least $1 for 10 consecutive business days.
Argos Therapeutics was granted approval on Jan. 17 to transfer its listing from Nasdaq Global Market to Nasdaq Capital Market. The company must attain a closing bid price of $1 for 10 consecutive business days by Feb. 2, achieved the $2.5 million shareholders’ equity requirement, as well as other compliance measures to be listed on the Nasdaq Capital Market.
Heat Biologics closed Friday at 33 cents and has been trading at less than $1 for nearly a year.
Argos Therapeutics closed Friday at $2.16, down 44 cents, or 17 cents.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism