Evelo Biosciences announces 1-for-20 reverse stock split

Evelo Biosciences announced that its Board of Directors has approved a 1-for-20 reverse stock split of the Company’s common stock. The reverse stock split will become effective at 5:00 p.m. Eastern Time today, June 29, 2023, after close of trading on The Nasdaq Global Select Market. The Company’s common stock is expected to commence trading on a split-adjusted basis when the markets open on June 30, 2023 under the existing trading symbol “EVLO.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 299734 202. The primary goal of the reverse stock split is to increase the per share market price of the Company’s common stock to meet the minimum per share bid price requirement for continued listing on The Nasdaq Global Select Market. As a result of the reverse stock split, every 20 shares of the Company’s common stock issued and outstanding will be automatically reclassified into one new share of the Company’s common stock.