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Quoin Pharmaceuticals Ltd., a pharmaceutical company currently trading at $0.26 per share, has announced a significant change in the ratio of its American Depositary Shares (ADSs) to comply with Nasdaq’s minimum bid price requirement. The Board of Directors has approved a ratio change from one ADS representing one Ordinary Share to one ADS representing twenty Ordinary Shares. According to InvestingPro data, the stock has experienced significant volatility, with a 52-week range of $0.21-$1.57.
This adjustment, effectively a one-for-twenty reverse stock split for the ADSs, will leave the Ordinary Shares unaffected. The ADSs will continue to trade on The Nasdaq Capital Market under the ticker "QNRX," with a new CUSIP number 74907L409 post-change.
The ratio change is set to take effect at market open on April 8, 2025. Holders of uncertificated ADSs in the Direct Registration System and the Depository Trust Company will automatically have their holdings adjusted. However, holders of certificated ADSs must surrender their certificates to receive new ADSs at the adjusted ratio.
The company’s move aims to increase the per ADS market price to meet the $1.00 minimum bid price per share requirement of Nasdaq and to maintain its listing. While the market price per ADS is expected to rise proportionately, the company has stated there is no guarantee that this will ensure compliance with Nasdaq’s minimum bid price requirement over the long term.
This information is based on a press release statement filed by the company with the SEC.
In other recent news, Quoin Pharmaceuticals Ltd. reported significant progress in its clinical trials for QRX003, a treatment for Netherton Syndrome. The company highlighted promising clinical data showing that QRX003 has led to nearly complete skin healing in a pediatric patient after six weeks of daily application, with no adverse events reported. Moreover, Quoin has filed a U.S. patent application for QRX003, which could extend patent protection until 2045, covering various rare skin conditions. In financial updates, Quoin ended 2023 with $1.07 billion in cash and marketable securities and reduced its net loss to $870 million from $940 million in the previous year. The company raised $650 million through a public offering, strengthening its cash reserves to support ongoing clinical trials and expansion efforts. Additionally, Quoin has launched the "NETHERTON NOW" campaign to raise awareness about Netherton Syndrome and has established a dedicated website for patients and families. Quoin Pharmaceuticals continues to be the only company actively recruiting for multiple Netherton Syndrome clinical trials under an open IND.
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