Shares of AIkido Pharma Inc. slumped 11.3% to pace all the premarket decliners Tuesday, after the biotechnology company’s 1-for-17 reverse stock split took effect. On Monday, the stock had dropped 7.8% to a split-adjusted record low close of $4.65 (pre-split 27 cents), after the reverse split decision was announced late Friday. The company said it expects the reverse split to lift the stock price high enough to bring it back into compliance with listing requirements on the Nasdaq Capital Market. The latest split was the fifth reverse split in the last 11 years, which increased the stock price by a combined multiple of 274,550. The stock has sunk 53.4% year to date through Monday, while the Nasdaq Composite has shed 22.9%.
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