LadRx Corporation (OTCMKTS:LADX) Stock Corrects After Recent Rally

Biopharmaceutical innovator LadRx Corporation (OTCMKTS:LADX) is one of the companies which is currently working on the research and development of life saving cancer treatments. Yesterday, the company announced that it was going to go for a reverse stock split of its shares on a 1 to 100 ratio.

Trading Data

On Wednesday, LADX stock decreased 5.74% to $0.1150 with more than 529.70K shares, compared to volume of 107.02K shares. The stock moved within a range of $0.0811 – 0.1370 after opening trade at $0.1154.

LadRx Announces Reverse Stock Split

That means that investors who own 100 pre-split shares would be awarded one post-split share in the company. The reverse stock split would go into effect on May 17 this year at 5 pm PDT. The LadRx Corporation common stock would continue to trade on the OTC Capital Markets under the ticker symbol LADX and would start trading on a split adjusted basis when the markets reopen on May 18, 2023.

The stock would however be provided with a new CUSIP number following the reverse stock split. When the annual general meeting of the shareholders was held back in July 2022, the shareholders granted the board of directors with the discretion to go for a reverse stock split.

In March this year, the company had announced that it was exploring a range of strategic alternatives for the purpose of uplisting the stock to the NASDAQ and one of those options was a reverse stock split.