Acorda Therapeutics Announces Completion of One-for-Six Reverse Stock Split
December 31 2020 - 4:19PM
Business Wire
Common Stock to Begin Trading on a
Split-Adjusted Basis upon Market Open on January 4, 2021
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it
has completed the previously announced 1-for-6 reverse stock split
of its outstanding and authorized shares of common stock. The
reverse stock split became effective at 4:01 p.m. Eastern Time
today, and the Company’s common stock will begin trading on a
split-adjusted basis at the market open on January 4, 2021.
The reverse stock split was effected in accordance with the
authorization adopted by Acorda’s stockholders at the Company’s
Special Meeting of Stockholders held on July 31, 2020. The reverse
stock split is intended to enable the Company to regain compliance
with the $1.00 per share minimum bid price required for continued
listing on The Nasdaq Global Select Market.
Pursuant to the reverse stock split, every six shares of
Acorda’s issued and outstanding common stock were automatically
combined and converted into one issued and outstanding share of
common stock, and there was a proportionate reduction in the number
of shares of the Company’s authorized common stock, from
370,000,000 to 61,666,666. Fractional shares resulting from the
reverse stock split were rounded up to the next whole number. The
reverse stock split applied equally to all outstanding shares of
the common stock, and each stockholder held the same percentage of
common stock outstanding immediately following the reverse stock
split as that stockholder held immediately prior to the reverse
stock split, except for adjustments resulting from the treatment of
fractional shares.
Acorda’s common stock will continue to trade on The Nasdaq
Global Select Market under the symbol “ACOR,” and the new CUSIP
number is 00484M601.
Acorda has appointed its transfer agent, Computershare Trust
Company, N.A. (“Computershare”), to act as exchange agent for the
reverse stock split. Stockholders owning shares of common stock via
a bank, broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split and will
not be required to take further action in connection with the
reverse stock split, subject to brokers’ particular processes.
Computershare will provide instructions to stockholders with
physical certificates regarding the optional process for exchanging
their pre-split stock certificates for post-split stock
certificates.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and
improve the lives of people with neurological disorders. INBRIJA®
(levodopa inhalation powder) is approved for intermittent treatment
of OFF episodes in adults with Parkinson’s disease treated with
carbidopa/levodopa. INBRIJA is not to be used by patients who take
or have taken a nonselective monoamine oxidase inhibitor such as
phenelzine or tranylcypromine within the last two weeks. INBRIJA
utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a
technology platform designed to deliver medication through
inhalation. Acorda also markets the branded AMPYRA® (dalfampridine)
Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All
statements, other than statements of historical facts, regarding
management's expectations, beliefs, goals, plans or prospects
should be considered forward-looking. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially, including: we may not be able to successfully
market INBRIJA or any other products under development; the
COVID-19 pandemic, including related quarantines and travel
restrictions, and the potential for the illness to affect our
employees or consultants or those that work for other companies we
rely upon, could have a material adverse effect on our business
operations or product sales; our ability to raise additional funds
to finance our operations, repay outstanding indebtedness or
satisfy other obligations, and our ability to control our costs or
reduce planned expenditures and take other actions which are
necessary for us to continue as a going concern; risks associated
with the trading of our common stock and our announced reverse
stock split; risks associated with complex, regulated manufacturing
processes for pharmaceuticals, which could affect whether we have
sufficient commercial supply of INBRIJA to meet market demand;
third party payers (including governmental agencies) may not
reimburse for the use of INBRIJA or our other products at
acceptable rates or at all and may impose restrictive prior
authorization requirements that limit or block prescriptions;
competition for INBRIJA, AMPYRA and other products we may develop
and market in the future, including increasing competition and
accompanying loss of revenues in the U.S. from generic versions of
AMPYRA (dalfampridine) following our loss of patent exclusivity;
the ability to realize the benefits anticipated from acquisitions,
among other reasons because acquired development programs are
generally subject to all the risks inherent in the drug development
process and our knowledge of the risks specifically relevant to
acquired programs generally improves over time; the risk of
unfavorable results from future studies of INBRIJA (levodopa
inhalation powder) or from our other research and development
programs, or any other acquired or in-licensed programs; the
occurrence of adverse safety events with our products; the outcome
(by judgment or settlement) and costs of legal, administrative or
regulatory proceedings, investigations or inspections, including,
without limitation, collective, representative or class action
litigation; failure to protect our intellectual property, to defend
against the intellectual property claims of others or to obtain
third party intellectual property licenses needed for the
commercialization of our products; and failure to comply with
regulatory requirements could result in adverse action by
regulatory agencies. These and other risks are described in greater
detail in our filings with the Securities and Exchange Commission.
We may not actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20201231005242/en/
Tierney Saccavino (917) 783-0251 tsaccavino@acorda.com
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