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Acasti Pharma Inc. ("Acasti" or the "Company") (NASDAQ:ACST), a late-stage, biopharma company advancing GTX-104, its novel formulation of nimodipine that addresses the high unmet medical needs for a rare disease, aneurysmal subarachnoid hemorrhage (aSAH), today announced that the Company will effect a 1-for-6 reverse split of its issued and outstanding common shares. The reverse stock split will become effective July 10, 2023 at 12:01 a.m. ET. The Company's common shares will trade on a split-adjusted basis on The NASDAQ Capital Market, as of the opening of trading on Monday, July 10, 2023. The new CUSIP number for the Company's common shares will be 00430K865.
The reverse stock split is being affected as part of the Company's plan to regain compliance with the $1.00 minimum bid price continued listing requirement of The NASDAQ Capital Market.
When the reverse stock split becomes effective, every six common shares of Acasti will be automatically combined into one new common share of Acasti. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the Company will issue one whole share of the post-split common shares to any stockholder of record who otherwise would have received a fractional share as a result of the reverse stock split.
The reverse stock split will reduce the number of outstanding common shares from approximately 44.6 million shares to approximately 7.4 million shares.
Acasti's transfer agent is Computershare Services Inc. Stockholders holding paper certificates representing pre-split holdings can contact our transfer agent by calling (800) 564-6253 (Canada and U.S.), (514) 982-7555 (Outside North America), or by email directed to corporateactions@computershare.com for the procedure to exchange existing stock certificates for new stock certificates or book-entry shares. Certificates representing pre-split holdings will be deemed to represent the stockholder's past split holdings until the stockholder presents the certificate to the transfer agent. Stockholders who are holding their shares in electronic form or through a brokerage facility do not have to take any action as the effects of the reverse stock split will automatically be reflected in their brokerage accounts.
Posted In: ACST
