Why Sonnet BioTherapeutics Shares Are Falling Sharply

Sonnet BioTherapeutics Holdings, Inc. SONN shares are trading lower by 15.24% to $0.19 Friday morning after the company announced a 1-for-14 reverse stock split.

What Else?

Sonnet BioTherapeutics says the reverse stock split is intended to increase the per share trading price of Sonnet's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (Rule 5550(a)(2)).

This split be effective for trading purposes as of the commencement of trading on Monday, September 19th.

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According to data from Benzinga Pro, Sonnet BioTherapeutics has a 52-week high of $0.73 and a 52-week low of $0.19.