Trevena Announces Reverse Stock Split
August 08 2024 - 4:05PM
Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical
company focused on the development and commercialization of novel
medicines for patients with central nervous system (CNS) disorders,
today announced that it has filed a Certificate of Amendment to its
Certificate of Incorporation (the “Amendment”) to effect a reverse
stock split of its common stock at a ratio of 1-for-25. The reverse
stock split will become effective at 12:01 a.m.
ET on Tuesday, August 13, 2024. Trevena’s common stock
will continue to be traded on the Nasdaq Capital Market under the
symbol “TRVN” and will begin trading on a split-adjusted basis when
the market opens on Tuesday, August 13, 2024. The reverse
stock split is intended to enable Trevena to regain compliance with
the $1.00 minimum bid price required for continued
listing on the Nasdaq Capital Market. The new CUSIP number for
Trevena’s common stock following the reverse stock split will be
89532E 307.
At the Annual General Meeting of stockholders held
on June 13, 2024, Trevena’s stockholders approved a reverse
stock split of Trevena’s common stock at a ratio of not less than
1-for-2 and not more than 1-for-25, with such ratio to be
determined by the Board of Directors. Additional information
regarding the reverse stock split approved by stockholders can be
found in Trevena’s definitive proxy statement that was filed with
the Securities and Exchange Commission on April 29,
2024.
The Amendment provides that at the effective time
of the reverse stock split, each 25 shares of the Company’s issued
and outstanding common stock will be automatically combined into
one validly issued, fully paid and non-assessable share of common
stock, without effecting a change to the par value per share. The
reverse stock split will affect all shares of the Company’s common
stock outstanding immediately prior to the effective time of the
reverse stock split, as well as the number of shares of common
stock available for issuance under the Company’s equity incentive
plans. In addition, the reverse stock split will effect a reduction
in the number of shares of common stock issuable upon the exercise
of stock options and warrants outstanding immediately prior to the
effectiveness of the reverse stock split with a corresponding
increase in exercise price per share.
No fractional shares will be issued in connection
with the reverse stock split. Stockholders who would otherwise be
entitled to receive fractional shares as a result of the reverse
stock split will be entitled to a cash payment in lieu thereof at a
price equal to the fraction to which the stockholder would
otherwise be entitled multiplied by the closing trading price per
share of the common stock (as adjusted for the reverse stock split)
as reported on The Nasdaq Capital Market on the trading day
immediately preceding the effective time of the reverse stock
split. Stockholders with shares in brokerage accounts should direct
any questions concerning the reverse stock split to their broker;
all other stockholders may direct questions to the Company's
transfer agent, Continental Stock Transfer & Trust Company
at (800) 509-5586.
About Trevena
Trevena, Inc. is a biopharmaceutical company
focused on the development and commercialization of innovative
medicines for patients with CNS disorders. The Company has one
approved product in the United States, OLINVYK® (oliceridine)
injection, indicated in adults for the management of acute pain
severe enough to require an intravenous opioid analgesic and for
whom alternative treatments are inadequate. The Company’s novel
pipeline is based on Nobel Prize winning research and includes
three differentiated investigational drug candidates: TRV045 for
diabetic neuropathic pain and epilepsy, TRV250 for the acute
treatment of migraine and TRV734 for maintenance treatment of
opioid use disorder.
For more information, please
visit www.Trevena.com
For more information, please
contact:
Company Contact:Bob YoderSVP and
Chief Business OfficerTrevena, Inc.(610) 354-8840
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