What’s Going On With Adicet Bio Stock Today?

Shares of Adicet Bio, Inc. (NASDAQ:ACET) are trading lower after the clinical stage biotechnology company announced a one-for-16 reverse stock split.

Adicet Bio stock is taking a hit today. Why is ACET stock dropping?

The move, expected to take effect on Dec. 30, will enable the company to regain compliance with the minimum bid price requirement for continued listing on the stock exchange.

The company’s board signed off on the plan after stockholders approved a range of ratios at a special meeting held last week. The move will reduce the number of outstanding shares of common stock from approximately 153.3 million shares to approximately 9.6 million shares.

Proportional adjustments will also be made to stock included under the company’s equity incentive plans, but no fractional stock will be issued.

ACET Price Action: Adicet Bio shares were down 5.78%, trading at 49 cents at the time of publication, according to Benzinga Pro.

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