The stock price of clinical-stage biopharmaceutical firm XORTX Therapeutics Inc (NASDAQ: XRTX) has experienced a notable upswing, despite the absence of substantial news releases. According to data sourced from Tomorrow.events, trading activity has surpassed 56 million shares in the current session.
At the time of this publication, XORTX Therapeutics Inc stock (XRTX) has witnessed a surge.
XORTX Therapeutics Inc
Current Price: $0.59
Change : +0.24
Change (%): (67.71%)
Volume: 56.8M
Source: Tomorrow Events Market Data
The most recent noteworthy development from the company pertains to a reverse stock split aimed at restoring compliance with Nasdaq’s listing prerequisites. The dearth of official statements from the company suggests that the recent surge in XRTX share value could be attributed to momentum trading, particularly from day traders seeking swift profits. XRTX shares registered a formidable 34.23% surge in the preceding session, setting the stage for today’s rally.
In a recent announcement, XORTX Therapeutics disclosed that Institutional Shareholder Services (ISS) has recommended that shareholders endorse the proposed reverse stock split. The decisive vote is slated for the general meeting scheduled on October 25, 2023, at 10:00 a.m. in Calgary, Alberta, Canada, located at 3710 – 33rd Avenue NW, Calgary, Alberta, Canada T2L 2M1.
CEO of XORTX Therapeutics emphasized that while the company anticipates shareholder approval for a 1-for-9 reverse stock split, the execution is contingent upon market conditions. Should XRTX shares maintain a trading value above $1.00 for an uninterrupted span of ten business days, the company might opt to forgo the reverse stock split altogether. Achieving this threshold would enable the company to reestablish compliance with Nasdaq’s listing regulations, negating the necessity for a reverse stock split. Presently, XRTX’s upward momentum has not yet reached the crucial $1.00 mark, though there is potential for it to do so.
Investors are poised for potential significant stock fluctuations from XRTX in the upcoming week, as the company convenes a special shareholder meeting. This event, scheduled for Wednesday, will include a pivotal vote on a share consolidation resolution. However, the XORTX Therapeutics stock price still has some ground to cover before breaching the pivotal $1.00 threshold. The sustainability of the current surge in stock value remains uncertain, and its ability to propel beyond this critical level is yet to be determined.
