Rigel Announces Reverse Stock Split

Core Viewpoint - Rigel Pharmaceuticals, Inc. will implement a 1-for-10 reverse stock split to increase the per-share trading price of its common stock, effective June 27, 2024, aiming to enhance marketability and compliance with Nasdaq listing requirements [3][8]. Group 1: Reverse Stock Split Details - The reverse stock split was approved by stockholders on May 24, 2024, and the final ratio was confirmed by the Board on June 15, 2024 [1]. - The number of shares outstanding will decrease from approximately 175,582,945 to about 17,558,294 [1]. - The reverse stock split will not change the number of authorized shares or the par value of the common stock [1]. Group 2: Market Impact and Compliance - The primary objective of the reverse stock split is to raise the per-share trading price, which is currently low and affects the company's appeal to institutional investors [8]. - The split is also intended to help maintain compliance with Nasdaq's minimum bid requirement of $1.00 per share [8]. Group 3: Shareholder Actions - Registered stockholders with shares in book-entry form will not need to take action to receive post-split shares [4]. - Stockholders holding shares in "street name" will have their positions automatically adjusted, while those with certificate shares will receive instructions from Equiniti Trust Company [4].