TransCode Therapeutics, Inc., an RNA oncology company, has released an open letter to its shareholders on May 13, 2024, discussing a proposed reverse stock split. The company has filed an amended proxy statement ahead of its Annual Meeting scheduled for June 13, where one of the key proposals is to authorize the Board of Directors to effect a reverse stock split if deemed in the best interest of the company and its shareholders. This proposal comes in response to the company's stock not meeting the Nasdaq Minimum Bid Requirement of closing at $1.00 per share for any ten-day period ended May 6. As a result, Nasdaq has recommended delisting the company's shares. TransCode plans to appeal this decision at a Nasdaq Panel...Show More

TransCode Therapeutics, Inc., an RNA oncology company, has released an open letter to its shareholders on May 13, 2024, discussing a proposed reverse stock split. The company has filed an amended proxy statement ahead of its Annual Meeting scheduled for June 13, where one of the key proposals is to authorize the Board of Directors to effect a reverse stock split if deemed in the best interest of the company and its shareholders. This proposal comes in response to the company's stock not meeting the Nasdaq Minimum Bid Requirement of closing at $1.00 per share for any ten-day period ended May 6. As a result, Nasdaq has recommended delisting the company's shares. TransCode plans to appeal this decision at a Nasdaq Panel Hearing. The reverse stock split is considered a last resort to maintain the company's listing on The Nasdaq Capital Market. The company's stock has recently closed above $1.00 per share for four consecutive days through May 10, but there is no guarantee this will influence the Panel's decision. The letter emphasizes the value of remaining Nasdaq-listed and the company's commitment to taking all necessary steps to achieve this goal.