Onconetix to implement 1-for-85 reverse stock split effective June 13

CINCINNATI - Onconetix, Inc. (NASDAQ:ONCO), a biotechnology company focused on men’s health and oncology with a current market capitalization of $3.6 million, announced Wednesday that its board of directors has approved a 1-for-85 reverse stock split of its common shares, effective June 13, 2025. According to InvestingPro data, the stock has experienced significant volatility, with a 52-week trading range of $0.05 to $14.00.

The reverse split follows stockholder approval at the company’s special meeting held on May 30. Shareholders authorized a reverse split ratio ranging from 1-for-10 to 1-for-150, with the board selecting the specific 1-for-85 ratio. InvestingPro analysis reveals the company’s challenging financial position, with a current ratio of 0.05 and significant debt burden relative to equity.

Onconetix’s common stock will continue trading on the Nasdaq Capital Market under the symbol "ONCO" but with a new CUSIP number. The company stated the reverse split aims to regain compliance with Nasdaq’s minimum bid price requirement of $1.00 per share. The stock has seen a dramatic decline, with InvestingPro data showing a 98.7% drop over the past year, though it has recently shown some recovery with an 11.3% gain in the past week.

When the split takes effect, every 85 shares of Onconetix common stock will automatically convert to one share, with no change in par value. No fractional shares will be issued, and holders of fractional shares will receive cash compensation based on the closing price on June 12.

The reverse split will reduce Onconetix’s outstanding common shares from approximately 44.4 million to about 521,863. The split will also apply to stock issuable upon exercise of equity awards, convertible preferred stock and warrants, with corresponding adjustments to exercise prices.

The company’s authorized share count will remain unchanged, and stockholders’ ownership percentages will remain the same except for adjustments due to fractional shares.

Onconetix owns Proclarix, an in vitro diagnostic test for prostate cancer approved for sale in the European Union, and ENTADFI, an FDA-approved treatment for benign prostatic hyperplasia. Despite revenue growth, the company reported an EBITDA of -$7.4 million in the last twelve months. For deeper insights into Onconetix’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks.

This article is based on information from a company press release.

In other recent news, Onconetix, Inc. is facing potential delisting from The Nasdaq Capital Market due to non-compliance with filing requirements, including a missed quarterly report for the period ending March 31, 2025. The company has received multiple delisting notices, primarily because its stock price remained below the minimum bid price of $1.00 per share for ten consecutive trading days. Onconetix has requested a hearing before the Nasdaq Hearings Panel, which could provide an opportunity to regain compliance, although the outcome remains uncertain. In a strategic move, Onconetix has announced a potential merger with Ocuvex Therapeutics, Inc., which could diversify its portfolio into ophthalmic treatments. This proposed merger, detailed in a non-binding Letter of Intent, would see Ocuvex equity holders owning approximately 90% of the combined entity, pending necessary approvals and due diligence. Additionally, Onconetix presented new clinical data for its prostate cancer diagnostic tool, Proclarix, at the European Association of Urology congress, highlighting its effectiveness in reducing unnecessary biopsies. The company is also planning to market Proclarix in the U.S. through a licensing agreement with Labcorp. These developments indicate a period of significant transition and potential growth for Onconetix.

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