Onconetix Inc (NASDAQ:ONCO) shares are trading lower by 29.9% to 8 cents Friday after the company announced a 1-for-40 reverse stock split. The company announced that its stockholders approved all proposals at the 2024 annual meeting held on September 5.
What Happened: These approvals included the election of Timothy Ramdeen and Ajit Singh as directors for a three-year term, amendments to the company's 2022 Equity Incentive Plan to increase the number of shares issuable, and authorization for a reverse stock split at a ratio ranging from 1-for-30 to 1-for-60.
The board chose a 1-for-40 ratio, effective September 24, to help the company meet Nasdaq's minimum bid price requirement.
What Else: Other approved measures included the issuance of shares related to the conversion of Series A and Series B Preferred Stock, a private placement, and the assumption of stock options from Proteomedix AG. Stockholders also ratified EisnerAmper LLP as the company's independent auditor for 2024.
The reverse stock split will reduce Onconetix’s outstanding shares from around 30.2 million to approximately 755,000.
Is ONCO A Good Stock To Buy?
An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Onconetix‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.
These are known as capital allocation programs. Onconetix does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.
For example, if you're looking to earn an annualized return of 8.33%, you'll need to buy a share of AMEN Properties by the Sep. 30, 2024. Once done, you can expect to receive a nominal payout of $10.0 on Oct. 7, 2024.
According to data from Benzinga Pro, ONCO has a 52-week high of $0.54 and a 52-week low of $0.08.
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