Algernon Pharmaceuticals Goes 4:1 In Forward Share Split After Announcing New TBI Program

Canadian clinical-stage psychedelics developer Algernon Pharmaceuticals Inc. AGNPF will start trading its Class A common shares following a 4-to-1 stock split towards increasing liquidity. 

Effective as of market opening on March 3, 2023, the upcoming reorganization will consist of the issuance of three additional common shares to everyone currently holding outstanding common shares. So the currently 2,413,431 issued and outstanding common shares will become approx. 9,653,724 common shares outstanding. 

The news comes after the recently announced launch of a new clinical research program focused on using the company’s proprietary DMT drug candidate AP-188 for the treatment of Traumatic Brain Injury (TBI) as well as the positive progress of the psychedelic’s Phase 1 trial on healthy subjects.

The company’s stocks currently trade in three markets. The US OTC, February’s opening price was $1.49 and, after peaking to $1.65, it closed the month at $1.25 on Feb. 28. In the Canadian CNSX, February opened at CA$2.00, soon peaking at $2.19 and then also falling to month’s closing price at $1.68. 

Outside North America, German FRA showed a monthly opening price at €1.34, jumping to the month’s highest at €1.48, and finally plumbing all the way down to €1.14 on Feb. 28, 2023.

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