Cue Biopharma announces 1-for-30 reverse stock split

Cue Biopharma (CUE) announced that it will implement a 1-for-30 reverse stock split of the issued shares of the company’s common stock, effective at 5 PM. ET on April 23. The company’s common stock is expected to begin trading on a split-adjusted basis when the markets open on April 24. Cue Biopharma stated the primary goal of the reverse split is to increase its per-share market price to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The action will reduce the number of outstanding shares from approximately 97.7M to approximately 3.3M.