Reverse split may be canceled
Phio Pharmaceuticals Corp. shares have an average trading volume of 1.19M shares.
Shares outstanding 36,818,956
During the last week volume has been rising sharply and today it really took off, almost half the entire share count traded.
01/09/20 PHIO 0.2535 (previous close 0.1835) Change + 0.07 Vol: 15,588,541 + 12.8%
Phio Pharmaceuticals Corporation 2019 Special Meeting of Stockholders, scheduled for December 12, 2019, was rescheduled for 9:00 a.m. (Eastern Time) at the Company's executive offices on January 10, 2020 (tomorrow). A possible reverse split of no less than 2:1 or more than 70:1 could be considered, or other means to prevent the company from being delisted. They may make an announcement during the meeting.
Since that time the company announced that it will present at Biotech Showcase™ 2020 on Monday, January 13, 2020.
It could be that instead of doing a reverse split, it will be forming a joint venture with another company, and this could bring its stock price up to compliance. They had said that they would be talking with the NASDAQ about how they would come into compliance.
The straight up move in the stock price and volume over the last several days, especially with half of ALL THE SHARES trading today, strongly suggests that insiders are taking advantage of inside information.
Tomorrow may be an explosive day.
PHIO warrants: PHIOW expire 12/21/2021
Each warrant now has an exercise price of $1.44 per warrant
PHIOW 0.018 Change -0.0125 Vol: 100
As you can see, the warrants have few trades, few bid/ask, but if we get a joint venture, our price could take off, and if a person puts in a high enough bid, but well under the price of the stock itself, they might get a fair amount of warrants, and at a good price.
