H.C. Wainwright downgraded Panbela Therapeutics to Neutral from Buy and removed the firm’s price target after the company announced Q1 results and offered a corporate update. Panbela is considering implementing a reverse stock split in the near future as it intends to pursue a listing on the U.S. Equity Listings Tier II of the Chicago Board Options Exchange, or CBOE. If successful, Panbela plans to conduct an offering to raise additional capital, notes the firm, which notes that these moves would result in further dilution.
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