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Investing.com -- Sutro Biopharma (NASDAQ:STRO) stock tumbled 6.6% on Monday after the clinical-stage oncology company announced plans for a 1-for-10 reverse stock split to regain compliance with Nasdaq’s minimum bid price requirement.
The reverse split, which will take effect on December 3, 2025, will reduce Sutro’s outstanding common shares from approximately 85.2 million to about 8.5 million. The company will continue trading under its existing "STRO" symbol but with a new CUSIP number.
Sutro’s stockholders had previously approved the reverse split at the company’s annual meeting on June 6, 2025, authorizing the Board of Directors to implement it at their discretion. The move comes as an effort to meet Nasdaq’s requirement that listed companies maintain a minimum bid price of $1.00 per share.
As part of the split, proportionate adjustments will be made to the exercise prices and number of shares underlying Sutro’s outstanding equity awards, as well as shares issuable under the company’s equity incentive plans. Stockholders holding fractional shares will receive rounded-up whole shares, and no action is required from those holding shares electronically or through brokerages.
Sutro Biopharma specializes in developing next-generation antibody-drug conjugates (ADCs) designed to deliver single- and dual-payload treatments for cancer patients. The company uses a cell-free platform to engineer ADCs aimed at improving drug exposure while reducing side effects.
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