Theriva Biologics, Inc. (NYSE American: SYN), a pharmaceutical company, has announced the completion of a reverse stock split of its shares. The reverse stock split was effective today, and the company's common stock began trading on a post-split basis as the market opened this morning.
The reverse stock split consolidated every twenty-five shares of issued and outstanding common stock into one share. This action reduced the number of outstanding shares from approximately 25.1 million to about 1 million, subject to rounding for fractional shares.
The company implemented the reverse stock split to comply with the NYSE American's minimum share price requirements. The par value and other terms of the common stock were not changed as a result of the split. The trading symbol for Theriva Biologics remains "SYN," and the new CUSIP number for the common stock post-split is 87164U 508.
Adjustments will also be made to the per share exercise price and the number of shares issuable under all of Theriva Biologics' outstanding preferred stock, stock options, and warrants to purchase common stock.
The number of shares authorized and reserved for issuance under the company's equity incentive plans will be proportionally reduced.
Stockholders of record will receive instructions from the company's transfer agent, Equiniti Trust Company, regarding the reverse stock split. Those holding shares in brokerage accounts will see the effect of the reverse stock split reflected in their accounts without needing to take any action.
This corporate action follows the approval by the Board of Directors on August 15, 2024, and the filing of a Certificate of Change with the Secretary of State of Nevada on August 22, 2024, with the reverse stock split becoming effective on August 26, 2024. The information is based on a press release statement.
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