Channel Therapeutics Announces 10-for-1 Reverse Stock Split, Merger with Pelthos Therapeutics.

Channel Therapeutics Corporation has announced a 10-for-one reverse stock split to increase the market price per share and satisfy NYSE American listing requirements. The move comes in conjunction with the close of the merger with Pelthos Therapeutics and a concurrent $50.1 million private placement. The reverse stock split is intended to help the company maintain its NYSE American listing following the merger.