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Transcode Therapeutics | 8-K: Current report

SEC announcement ·  Jan 16 00:00
Summary by Moomoo AI
TransCode Therapeutics, Inc. reported a preliminary cash balance of approximately $2.8 million as of December 31, 2023. This figure is subject to the completion of financial statements and may be adjusted upon finalization. The company's independent accounting firm has not provided any form of assurance on this estimate. Additionally, TransCode announced a 1-for-40 reverse stock split effective January 16, 2024, which is expected to help the company meet Nasdaq's minimum bid price requirement for continued listing. The reverse split will reduce the number of outstanding shares and adjust the exercise prices of stock options and warrants accordingly. Stockholders will not receive fractional shares; instead, they will be rounded up to the nearest whole number. The company's CUSIP number will change to 89357L 303 following...Show More
TransCode Therapeutics, Inc. reported a preliminary cash balance of approximately $2.8 million as of December 31, 2023. This figure is subject to the completion of financial statements and may be adjusted upon finalization. The company's independent accounting firm has not provided any form of assurance on this estimate. Additionally, TransCode announced a 1-for-40 reverse stock split effective January 16, 2024, which is expected to help the company meet Nasdaq's minimum bid price requirement for continued listing. The reverse split will reduce the number of outstanding shares and adjust the exercise prices of stock options and warrants accordingly. Stockholders will not receive fractional shares; instead, they will be rounded up to the nearest whole number. The company's CUSIP number will change to 89357L 303 following the reverse split. In executive movements, Robert Michael Dudley resigned as President, CEO, and director effective January 13, 2024, with Thomas A. Fitzgerald stepping in as Interim President and CEO while continuing his role as CFO. The company's stockholders had previously granted the Board the discretion to effect the reverse split at a ratio between 1-for-10 and 1-for-40, which was decided and announced on January 11, 2024.

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