- Diffusion Pharmaceuticals Inc (NASDAQ:DFFN) will effect a 1-for-50 reverse stock split of its common stock.
- The reverse stock split is expected to become effective and commence trading on a post-split basis at the market's opening on April 19.
- Diffusion's reverse stock split was approved by the Company's stockholders at a special meeting earlier today.
- The Company expects that the split is part of its strategy to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.
- At the effective time of the reverse stock split, every fifty (50) shares of Diffusion's common stock will be automatically converted into one (1) common stock.
- The reverse stock split will reduce the Company's number of outstanding common stock shares from approximately 102 million to about 2 million.
- Last week, the Company completed patient dosing in its Altitude Trial to evaluate the effects of TSC on maximal oxygen consumption (VO2) and partial pressure of arterial blood oxygen (PaO2) in healthy volunteers subjected to incremental levels of physical exertion while exposed to hypoxic and hypobaric conditions at a simulated altitude of 15,000 feet above sea level.
- A total of 30 volunteers were enrolled in the trial.
- Topline, unblinded data from the Altitude Trial will be available within two months.
- Price Action: DFFN shares are down 24.3% at $0.20 during the market session on the last check Monday.
