Why Alzamend Neuro (ALZN) Stock Is Nosediving Today

Alzamend Neuro Inc ALZN shares are trading lower by 31.2% to $0.12 Monday morning after the company announced a reverse stock split.

What Happened?

Alzamend Neuro has approved a one-for-fifteen reverse stock split of its common stock, effective on October 31, aimed at regaining compliance with Nasdaq's Minimum Bid Price Requirement of $1.00 per share.

This split will impact all existing shares and shares available for issuance under equity incentive plans, but it won't change the par value of the common stock. The split will not alter stockholders' percentage interests, but those with fractional shares will receive cash payments instead.

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According to data from Benzinga Pro, ALZN has a 52-week high of $1.32 and a 52-week low of $0.11.