D. Boral Capital analyst Jason Kolbert downgraded Scilex (SCLX) to Maintain from Purchase after the corporate introduced a 1-for-35 reverse inventory cut up, efficient April 15. Whereas the agency acknowledges the reverse cut up as a mandatory step to take care of the corporate’s Nasdaq itemizing, it’s shifting to the sidelines pending larger readability on the corporate’s subsequent steps and says it’ll “revisit our stance as soon as the cut up is carried out and implications for valuation and capital construction turn into extra clear.”
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