(News Bulletin 247) – The biopharmaceutical company Pharnext announced on Friday that it had decided to implement a reverse stock split, on the basis of one new share against 10,000 old ones.
The company specifies that the consolidation operations will begin on April 9, to end on May 9, the first day of listing of the new consolidated shares being fixed for May 10.
The company, which is developing a new drug intended for the treatment of Charcot-Marie-Tooth disease type 1A (CMT1A), recalls that the decision is part of the delegation of powers conferred on the management of the company by the general meeting of March 17.
Shareholders holding a total number of shares forming an exact multiple of 10,000 will not have to take any action, but those who do not have a number of old shares corresponding to a whole number of new shares (i.e. a multiple of 10,000) will have to make it their personal business to buy or sell old fractional shares, in order to obtain a multiple of 10,000, until May 9 inclusive.
The implementation of this share consolidation project must be accompanied by a suspension of the exercise of the conversions of the company’s securities, it is specified in a press release.
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