Bad News: “SELLAS Announces Reverse Stock Split”
November 6, 2019
“SELLAS Life Sciences Group, Inc. (Nasdaq: SLS) (“SELLAS” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapies for a broad range of cancer indications, today announced that it filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-50 reverse stock split of its common stock…”
Well I should have expected what pretty much amounts to a lie. Of course the stock may reach $1.75 in a year if there’s a reverse stock split. Anyway, SLS will no longer be a penny stock so I’m no longer interested. I’m out. Also I still made money just in case anyone is wondering.
I’ll keep this in mind. Next time I ponder on investing long term in a penny stock I’ll consider the thought of future reverse stock splits. That was a dirty play in my opinion. Very unethical in my opinion. This news was also announced at a time where common share holders couldn’t pull out of the market. I want all you companies to know I’m watching all of your dirty tactics. I’m also learning while profiting.
I guess this is one more reason why penny stocks are risky.