Phio Pharmaceuticals approves 1-for-12 reverse stock split

Phio Pharmaceuticals announced that the Company’s Board of Directors has approved a reverse stock split of its shares of common stock at a ratio of 1-for-12. The reverse stock split will become effective at 12:01 a.m. Eastern Time on January 26, and the Company’s common stock will open for trading on The Nasdaq Capital Market on a post-split basis on January 26, under the Company’s existing trading symbol, "PHIO." At such time, the Company’s common stock will also commence trading with a new CUSIP number, 71880W402. The reverse stock split is being implemented to increase the per share trading price of the Company’s common stock, for the purpose of ensuring a share price high enough to comply with the minimum $1.00 bid price requirement for continued listing on The Nasdaq Capital Market. The Company has retained its transfer agent, Computershare Trust Company, act as its exchange agent for the reverse split.