Moleculin Biotech falls after reverse stock split move

Shares of drug developer Moleculin Biotech MBRX.O falls 22% at $0.28 in early trading

Co says it will implement 1-for-25 reverse stock split effective December 1

A 1-for-25 split means every 25 existing shares will be combined into 1 new share

Split reduces outstanding shares to about 2.1 million from 51.7 million; authorized shares unchanged at 500 mln - MBRX

Co's shares will continue to trade on the Nasdaq under the ticker "MBRX," but with a new identification number - MBRX

Co says shareholders who end up with fractional shares after the split will receive cash instead

Including session's move, stock down ~83% YTD