- The TherapeuticsMD Inc (NASDAQ: TXMD) board has completed a 1-for-50 reverse stock split. These are the details.
TherapeuticsMD recently received a determination letter from the staff of the Nasdaq Stock Market LLC stating that the company had not regained compliance with the minimum bid price requirement of $1.00 per share for continued listing of the company’s common stock, par value $0.001 per share, on the Nasdaq Global Select Market.
So TherapeuticsMD timely requested a hearing before the Nasdaq Hearings Panel, which was held on April 14, 2022. Subsequent to the hearing, TherapeuticsMD received notice from Nasdaq that the Panel granted the company’s request to continue the listing of the Common Stock on Nasdaq through June 1, 2022, to afford the company the opportunity to regain compliance with the Minimum Bid Price Requirement.
To regain compliance with the Minimum Bid Price Requirement prior to the Extended Date, the Company’s Board of Directors has approved a 1-for-50 reverse stock split of the Common Stock, accompanied by a corresponding decrease in the company’s issued and outstanding shares of Common Stock, such that, following the consummation of the Reverse Stock Split, the number of authorized shares of Common Stock will be reduced from 600,000,000 shares to 12,000,000 shares.
TherapeuticsMD expected that the effective time of the Reverse Stock Split will be on or about 5:00 pm New York time on Friday, May 6, 2022, with the Common Stock trading on a post-split basis under the Company’s existing trading symbol, “TXMD,” at the market open today. The fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share, and all shares of Common Stock (including fractions thereof) issuable upon the Reverse Stock Split to a given stockholder will be aggregated for the purpose of determining whether the Reverse Stock Split would result in the issuance of a fractional share.
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