Timber Pharmaceuticals, Inc. Announces 1-for-50 Reverse Stock Split
BASKING RIDGE, NJ, Nov. 08, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Timber Pharmaceuticals, Inc. (NYSE American: TMBR) (“Timber” or the “Company”), a clinical-stage biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, announced today that it will effect a 1-for-50 reverse stock split of its outstanding common stock. Subject to NYSE American (“NYSE” or the “Exchange”) approval, the Company anticipates that trading will resume on the NYSE American on an as-adjusted basis as of the commencement of trading on Wednesday, November 9, 2022. As previously announced, the trading of the Company’s shares of common stock was halted by the Exchange due to the low trading price of the Company’s shares of common stock on November 1, 2022. Although not anticipated by the Company, the Exchange could maintain the trading halt. The Exchange could also suspend trading and move to delist the Company’s common stock if the price per share post-split does not meet the requirements of Section 1003(f)(v) of the NYSE American Company Guide.