Why Sonnet BioTherapeutics Shares Are Falling Over 30%

Sonnet BioTherapeutics Holdings, Inc. SONN shares are trading lower by 36.9% to $1.72 during Monday's trading session 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 is effective for trading purposes as of Monday's session.

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According to data from Benzinga Pro, Sonnet BioTherapeutics has a 52-week high of $2.29 and a 52-week low of $0.19.