Assertio Therapeutics Inc. (NASDAQ: ASRT) stock gained by 2.03% at last close while the ASRT stock price continues to rise by 7.28% in the after-hours session. Assertio is a well-known pharmacy business that provides customers with exclusive drugs. In three fields, ASRT has a strong range of marketed medical products: neurology, hospital, and pain and inflammation.
ASRT lodged a Certificate of Amendment to its certificate of incorporation on May 17, 2021, to incorporate a one-to-four reverse split of its issued and outstanding common stock. When the market opens on May 18, 2021, the Reverse Split will take place, and ASRT’s common stock will start trading on a split-adjusted basis.
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So when Reverse Split takes place, any four shares of ASRT common stock issued and outstanding will be directly converted into one share of common stock, with no difference in the par value per share. Furthermore, proportionate changes would be made to:
The common stock of Assertio Therapeutics will keep trading under the name “ASRT” on The NASDAQ Stock Market LLC. The current CUSIP number for the common stock after the Reverse Split will be 04546C 205. ASRT has named Continental Stock Transfer & Trust as its exchange agent for the Reverse Split.
Adjournment of Annual Meeting of Shareholders
On the same day, ASRT declared preliminary results and a partial postponement of ASRT’s 2021 Annual Meeting of Shareholders, which was on May 11, 2021, and at which all director candidates were elected and stockholders accepted Proposals 4 and 5, as set out in ASRT’s Definitive Proxy Statement.
Proposal 2i-e the “Reverse Split and Proportional Authorized Shares Reduction Proposal” and Proposal 3 which is the “Increase of Authorized Shares Proposal” have been adjourned by ASRT for the exclusive purpose of giving stockholders more time to vote.