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Soleno Therapeutics to implement 1-for-5 reverse stock split

Soleno Therapeutics, Inc. said it will implement a 1-for-5 reverse stock split of its outstanding common shares on Oct. 6.

Soleno Therapeutics' common shares will trade on a split-adjusted basis starting Oct. 6. Following the split, the company's outstanding and issued common shares will be reduced to about 10.4 million.

The company said the reverse stock split could help it regain compliance with Nasdaq's bid price requirement for continued listing.