ContraVir Pharmaceuticals announces 1-for-70 reverse stock split
ContraVir Pharmaceuticals announced a reverse split of its common stock, $0.0001 par value, at a ratio of 1-for-70 effective May 31. The company's common stock will begin trading on a split-adjusted basis when the markets open on June 3 under the existing trading symbol. The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on Nasdaq. As a result of the reverse split, each seventy pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders, and the number of outstanding common shares will be reduced from approximately 41.3M shares to approximately 590,500 shares. Proportionate adjustments will be made to the conversion and exercise prices of the company's outstanding warrants, stock options and to the number of shares issued and issuable under the company's equity incentive plans. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not affect the par value of the common stock. On March 11 the board of directors of the company approved the reverse stock split, subject to shareholder approval. On May 2, a majority of the company's shareholders approved giving the board discretionary authority to enact the reverse stock split. The Board approved the reverse stock split on a one for seventy ratio on May 9.