Galecto announces 1-for-25 reverse stock split

Galecto will implement a 1-for-25 Reverse Stock Split of its common stock, effective at 5:00 p.m. Eastern Time on Thursday, August 29, 2024. The Reverse Stock Split, which was approved by shareholders at the company’s Annual Meeting of Stockholders on June 20, 2024, is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on The Nasdaq Capital Market. Beginning with the opening of trading on Friday, August 30, 2024, the company’s common stock will trade on the Nasdaq Capital Market on a split-adjusted basis under the existing symbol “GLTO” and a new CUSIP number 36322Q 206. At the effective time of the Reverse Stock Split, every twenty-five shares of the company’s issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock without any change in the par value of $0.00001 per share. This will reduce the company’s number of shares of outstanding common stock from approximately 27.1 million shares to approximately 1.1 million shares. The total authorized number of shares will not be reduced. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise of the company’s outstanding stock options and restricted stock units, as well as the applicable exercise price of the stock options.