Acorda Therapeutics Announces Completion of 1-for-20 Reverse Stock Split
June 02 2023 - 4:01PM
Business Wire
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it
has completed the previously announced 1-for-20 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 June 5, 2023. The
reverse stock split was effected to enable the Company to regain
compliance with the $1.00 per share minimum closing price required
to maintain continued listing on The Nasdaq Global Select
Market.
On November 11, 2022, the Company’s stockholders authorized the
board of directors to effect a reverse stock split by a ratio of
any whole number in the range of 1-for-2 to 1-for-20 and a
corresponding reduction in the number of authorized shares of
common stock. The board of directors subsequently approved the
reverse stock split and authorized the filing of the Company’s
amended and restated certificate of incorporation, as previously
announced on May 31, 2023.
The Company’s common stock will continue to trade under the
symbol “ACOR,” and the new CUSIP number for the Company’s common
stock following the reverse stock split is 00484M700.
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 their brokers’ particular processes.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and
improve the lives of people with neurological disorders. INBRIJA®
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, AMPYRA or any other products under development; the
COVID-19 pandemic, including related restrictions on in-person
interactions and travel, and the potential for illness, quarantines
and vaccine mandates affecting our management, 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 attract and retain key management and
other personnel, or maintain access to expert advisors; 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; the
reverse stock split and its impact on the trading of our common
stock; risks related to the successful implementation of our
business plan, including the accuracy of its key assumptions; risks
related to our corporate restructurings, including our ability to
outsource certain operations, realize expected cost savings and
maintain the workforce needed for continued operations; risks
associated with complex, regulated manufacturing processes for
pharmaceuticals, which could affect whether we have sufficient
commercial supply of INBRIJA or AMPYRA to meet market demand; our
reliance on third-party manufacturers for the timely production of
commercial supplies of INBRIJA and AMPYRA; third-party payers
(including governmental agencies) may not reimburse for the use of
INBRIJA or AMPYRA at acceptable rates or at all and may impose
restrictive prior authorization requirements that limit or block
prescriptions; reliance on collaborators and distributors to
commercialize INBRIJA and AMPYRA outside the U.S.; our ability to
satisfy our obligations to distributors and collaboration partners
outside the U.S. relating to commercialization and supply of
INBRIJA and AMPYRA; competition for INBRIJA and AMPYRA, 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 because, among other reasons,
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 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, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230602005209/en/
Tierney Saccavino (917) 783-0251 tsaccavino@acorda.com
Acorda Therapeutics (NASDAQ:ACOR)
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