Qualigen Therapeutics, Inc. (NASDAQ:QLGN) (the "Company") announced today that it will implement a 1-for-50 reverse stock split of the issued shares of its common stock (the "Reverse Stock Split"), effective at 12:01 a.m. Eastern time on November 5, 2024. The Company's common stock is expected to begin trading on a split-adjusted basis when the market opens on Tuesday, November 5, 2024, and will continue to trade on The Nasdaq Capital Market under the symbol "QLGN." The new CUSIP number for the common stock will be 74754R 301.

The Reverse Stock Split is intended to increase the bid price of the common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The Company's stockholders authorized the reverse stock split at the Company's annual meeting of stockholders held on October 25, 2024, with the final ratio subsequently determined by the Company's Board of Directors.