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Sevion Therapeutics Announces 1-for-20 Reverse Stock Split
Sevion Therapeutics Announces 1-for-20 Reverse Stock Split.
About this update from Eloxx Pharmaceuticals, Inc.
[{"type":"text","content":"\n \n Sevion Therapeutics, Inc. (OTCQB: SVON) (“Sevion”) today announced that \n the Board approved a 1-for-20 reverse stock split, to be effective 4:00 \n p.m. on Tuesday, December 19, 2017. The Company’s common stock will open \n for trading on the OTCQB Market on Wednesday, December 20, 2017 on a \n split-adjusted basis under the current trading symbol \"SVON.\" The \n reverse stock split was approved by Sevion’s stockholders on December 7, \n 2017, and is intended, among other things, to increase the per share \n trading price of the Company's common stock to enable the Company to \n satisfy the minimum bid price requirement for initial listing on the \n NASDAQ Capital Market.\n \n \n The 1-for-20 reverse stock split will automatically convert twenty \n current shares of Sevion’s common stock into one new share of common \n stock. No fractional shares will be issued in connection with the \n reverse stock split. Stockholders who would otherwise hold a fractional \n share of Sevion’s common stock will receive a cash payment in lieu \n thereof at a price equal to that fraction to which the shareholder would \n otherwise be entitled multiplied by the closing price of Sevion’s common \n stock on the OTCQB Market on December 18, 2017. The reverse split will \n reduce the number of shares of outstanding common stock from \n approximately 51.4 million shares to approximately 2.6 million shares. \n Proportional adjustments also will be made to the exercise prices of \n Sevion’s outstanding stock options, and to the number of shares issued \n and issuable under Sevion’s stock incentive plan.\n \n \n American Stock Transfer & Trust Company (“AST”) will act as the exchange \n agent for the reverse stock split. Stockholders holding their shares \n electronically in book-entry form are not required to take any action to \n receive post-split shares. Stockholders owning shares through a bank, \n broker or other nominee will have their positions automatically adjusted \n to reflect the reverse stock split, subject to brokers’ particular \n processes, and will not be required to take any action in connection \n with the reverse stock split. For those stockholders holding physical \n stock certificates, AST will send instructions for exchanging those \n certific...