GTx, Inc. Announces 1-for-10 Reverse Stock Split
December 05 2016 - 8:34AM
Business Wire
GTx, Inc. (Nasdaq: GTXI) today announced a reverse stock split
of its shares of common stock at a ratio of one-for-ten. The
reverse stock split will be effective at 5:00 p.m. Eastern Time on
December 5, 2016. At the opening of trading on December 6, 2016,
GTx’s common stock will begin trading on a split-adjusted basis and
the number of shares of GTx’s common stock outstanding will
decrease from approximately 159.2 million pre-split shares to
approximately 15.9 million post-split shares.
The primary purpose of the reverse stock split is to enable GTx
to regain compliance with the $1.00 minimum bid price requirement
for continued listing on The NASDAQ Capital Market. As previously
disclosed, GTx has until December 19, 2016 in order to regain
compliance with the minimum bid price requirement and had
previously submitted written notice to NASDAQ of its intention to
cure the minimum bid price deficiency by effecting a reverse stock
split. In order to regain compliance, the closing bid price of
GTx’s common stock must be at least $1.00 for a minimum of ten (10)
consecutive trading days.
GTx’s common stock will continue to trade on The NASDAQ Capital
Market under the symbol “GTXI” although it is expected that the
letter “D” will be appended to the ticker symbol for approximately
twenty (20) trading days to indicate the completion of the reverse
stock split. In addition, GTx’s common stock will trade under a new
CUSIP number 40052B207 following the reverse stock split.
In the reverse stock split, every ten (10) shares of GTx’s
common stock outstanding will automatically be combined and
reclassified into one (1) new share of common stock. Holders of
common stock that would otherwise receive a fractional share of
common stock pursuant to the reverse stock split will receive cash
in lieu of the fractional share. The reverse stock split will
affect all GTx stockholders uniformly and will not affect any
stockholder’s percentage ownership interests in GTx (except to the
extent that the reverse stock split results in any stockholders
owning only a fractional share). Additionally, all GTx equity
awards and warrants outstanding immediately prior to the reverse
stock split will be proportionately adjusted.
Stockholders who hold their shares in electronic form at a
brokerage firm need not take action as the shares will
automatically be adjusted to reflect the reverse stock split.
Beneficial holders may contact their bank, broker or nominee for
more information. Stockholders holding physical certificates may
(but are not required to) send their certificates to GTx’s transfer
agent at the address given below for reissuance in post-split form.
GTx’s transfer agent, Computershare Trust Company, will act as the
exchange agent for this reverse stock split and will issue a new
stock certificate reflecting the terms of the reverse stock split
to each stockholder who submits a physical stock certificate with
instructions for reissuance.
Mail:Computershare Trust Company, N.A.250 Royall
StreetCanton, MA 02021
Phone:877-282-1168 or 781-575-2723 (outside US and Canada)
Additional information regarding the reverse stock split can be
found in GTx’s definitive proxy statement (Form DEF 14A), filed
with the SEC on March 28, 2016, and posted in the "Investors"
section of GTx’s website at www.gtxinc.com.
About GTx
GTx, Inc., headquartered in Memphis, Tenn., is a
biopharmaceutical company dedicated to the discovery, development
and commercialization of small molecules for the treatment of
cancer, including treatments for breast and prostate cancer, and
other serious medical conditions.
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version on businesswire.com: http://www.businesswire.com/news/home/20161205005680/en/
GTx, Inc.Investors:Lauren Crosby,
901-271-8622lcrosby@gtxinc.comorMedia:Red House ConsultingDenise
Powell, 510-703-9491denise@redhousecomms.com
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