MORRISTOWN, N.J., Oct. 13, 2016 (GLOBE NEWSWIRE) — Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX), a specialty pharmaceutical company with a focus on Pain and CNS conditions, today announced that its Board of Directors unanimously approved a reverse split of its common stock at a ratio of 1-for-10 and a majority voting standard for the election of directors in uncontested elections.
Reverse Stock Split
As of the effective date of the reverse split, each share of issued and outstanding common stock and equivalents will be converted into 1/10th of a share of common stock. In addition, the common stock will trade under a new CUSIP number. The reverse stock split will become effective as of the close of business on October 13, 2016, with anticipated trading on the post-split basis on NASDAQ commencing at the open of the stock market on October 14, 2016. The foregoing action has been duly approved by unanimous written consent of Pernix’s Board of Directors pursuant to the Maryland General Corporation Law, without stockholder approval.
As a result of the reverse stock split, the number of outstanding common shares will be reduced to approximately 9.5 million. Fractional stockholdings will be rounded up to the nearest whole number. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of shares of the Company’s common stock. Pernix’s stockholders should contact their broker or Pernix’s transfer agent, Computershare, at 855-396-2084, for instruction relating to the reverse stock split procedures.
The purpose of the reverse stock split is to raise the per share trading price of the Company’s common stock to regain compliance with the minimum $1.00 continued listing requirement for the listing of its common stock on The NASDAQ Global Market. As previously announced, in order to maintain the Company’s listing on NASDAQ, on or before December 14, 2016, the Company’s common stock must have a closing bid price of $1.00 or more for a minimum of 10 prior consecutive trading days.