Shares of Instil Bio were trading below previous 52-week lows in Tuesday’s after-hours market, following news the biopharmaceutical company will effect a 1-for-20 reverse stock split at 5 p.m. ET on Dec. 7.
The company’s stock fell 7.3% to 31 cents in after hours trading. The stock finished the day’s regular session with a 1.6% loss, closing at 33 cents.
On Nov. 16, the stock touched a 52-week low of 32.5 cents.
The stock will begin trading on a reverse stock split-adjusted basis on Dec. 8.
Instil said “the reverse stock split is part of the company’s plan to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.”