Anebulo Pharmaceuticals Inc. said its board has approved a plan to take the company private through a reverse stock split of between 1-for-2,500 and 1-for-7,500. Holders with fewer than the minimum number of shares after the split would be cashed out at $3.50 for each pre-split share, a 91% premium to the stock’s 22 July closing price. The special committee of independent directors recommended the move, which is intended to cut the shareholder count enough for Anebulo to deregister its common stock and end public reporting obligations. The transaction is subject to shareholder approval and other customary conditions, and the board may abandon it if circumstances change. Austin-based Anebulo is developing selonabant, an experimental treatment for acute cannabis-induced toxicity, and says the cost of staying public outweighs the benefits as it concentrates on advancing its pipeline and controlling expenses.