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Rigel Announces Reverse Stock Split

SOUTH SAN FRANCISCO, Calif., June 25, 2024 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) today announced that it will effect a reverse stock split of its issued and outstanding shares of common stock at a ratio of 1-for-10 (the "Reverse Stock Split"), effective at 12:01 a.m. Eastern Time on Thursday, June 27, 2024. The company's common stock will begin trading on a post-split basis on The Nasdaq Global Select Market under the same symbol (RIGL) when the market opens on Thursday, June 27, 2024, with the new CUSIP number 766559702. The Reverse Stock Split was approved by the company's stockholders at its Annual Meeting of Stockholders held on May 24, 2024 to be effected by the company's Board of Directors (the "Board") within approved parameters. The final ratio was approved by the Board on June 15, 2024. As a result of the Reverse Stock Split, every 10 shares of the company's pre-split common stock issued and outstanding will be automatically reclassified into one new share of the company's common stock. This will reduce the number of shares outstanding from approximately 175,582,945 shares to approximately 17,558,294, subject to adjustment due to the payment of cash in lieu of fractional shares. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the company's equity plans, as applicable. The Reverse Stock Split will not affect the number of authorized shares of common stock or the par value of the common stock. The primary objective in effectuating the Reverse Stock Split will be to attempt to raise the per-share trading price of the company's common stock. Rigel believes that the low per-share market price of its common stock impairs the company's marketability to, and acceptance by, institutional investors and other members of the investing public and creates a negative impression of the company. Among other benefits, the Reverse Stock Split will also help the company to ...