Soligenix announces reverse-split in preparation for proposed up-listing
Soligenix announced that it has filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation to implement a one-for-ten reverse split of its authorized, issued, and outstanding common stock, which took effect at 12:01 a.m. this morning. The reverse stock split was implemented by the company in preparation for its proposed up-listing of the company's common stock to the NASDAQ Capital Market. The NASDAQ listing is expected to facilitate greater liquidity in the stock as well as enable broader access to the investment community, many participants of which are unable to buy stock listed on the bulletin board. The reverse split was overwhelmingly approved by the company's stockholders on June 16, 2016 and recently unanimously authorized by its board. The reverse stock split is intended to fulfill the stock price requirements for listing on NASDAQ since the requirements include, among other things, that the company's common stock must maintain a minimum closing price per share of $3.00 or higher for five consecutive trading days immediately prior to up-listing. Before any listing of the common stock on NASDAQ could occur, NASDAQ will need to approve the company's application for listing. The company believes that it will meet all of the listing requirements for listing the company's common stock on NASDAQ; however, there is no assurance that the company's application will be approved.