Shares of Kala Pharmaceuticals (NASDAQ: KALA) plunged in morning trading on Friday after shares of the clinical-stage biopharmaceutical company started trading on a split-adjusted basis today after the markets opened.
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Kala announced on Thursday that it will effect a reverse stock split in the ratio of “1 post-split share for every 50 pre-split shares.”
The reverse stock split will reduce Kala’s common stock outstanding from 73.20 million shares to around 1.46 million shares, subject to adjustment for the rounding up of fractional shares.