Cartesian Therapeutics (NASDAQ:RNAC) Shares Set to Reverse Split on Friday, April 5th

Cartesian Therapeutics, Inc. (NASDAQ: RNAC) is a clinical-stage biotechnology company focused on discovering and developing novel small molecule therapeutics for the treatment of neurodegenerative diseases. The company's stock has been traded on the NASDAQ stock exchange under the symbol RNAC.

On April 5, 2023, the company announced that it will implement a 1-for-30 reverse stock split of its outstanding common stock. This reverse split means that for every 30 shares that a shareholder currently owns, they will receive one new share after the split. The reverse split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the NASDAQ exchange.

The reverse split will take effect before the market opens on Friday, April 5, 2023. After the closing bell on that day, the number of shares owned by shareholders will be adjusted accordingly. This means that if you currently own 300 shares of RNAC, after the reverse split you will own 10 shares.

The reason for the reverse split is that the stock price of Cartesian Therapeutics had fallen below the minimum bid price requirement for continued listing on the NASDAQ exchange. The reverse split is a common remedy for companies in this situation as it increases the per-share price of the stock and helps the company regain compliance with the exchange's listing rules.

As of the time of this writing, the stock of Cartesian Therapeutics is trading down by approximately 1.6% in the pre-market session. The exact price will depend on market conditions and investor sentiment leading up to the reverse split. It's important for investors to note that a reverse split does not change the underlying value of their investment, but it can affect the number of shares they own and the price per share.

In summary, Cartesian Therapeutics (NASDAQ: RNAC) is implementing a 1-for-30 reverse stock split on April 5, 2023, to help regain compliance with the minimum bid price requirement for continued listing on the NASDAQ exchange. The reverse split will take effect before the market opens that day and will reduce the number of outstanding shares while increasing the price per share. The stock is currently trading down in the pre-market session.