Rockwell Medical Announces 1-for-11 Reverse Stock Split

About this update from Rockwell Medical, Inc.

[{"type":"text","content":"WIXOM, Mich., May 12, 2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management, today announced that its Board of Directors has approved a 1-for-11 reverse split of the Company's issued and outstanding common stock (the \"Reverse Stock Split\"). The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time on May 13, 2022. Rockwell Medical's common stock is expected to begin trading on the Nasdaq Capital Market on a split-adjusted basis on May 13, 2022. The Company's common stock will continue to trade under the symbol \"RMTI.\" \n\n \n \n \n \n \n \n\n \nAt Rockwell's Annual Meeting of Stockholders held on May 9, 2022, (the \"2022 Annual Meeting\"), the Company's stockholders approved the amendment to the Certificate of Incorporation to effect the Reverse Stock Split of the Company's issued and outstanding common stock at a ratio of not less than one-for-two and not more than one-for-fifteen, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company's Board of Directors. \nThe reverse stock split is primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. The new CUSIP number following the reverse stock split will be 774374300.\nOn May 9, 2022, the Company's Board of Directors approved the reverse stock split at the ratio of 1-for-11 shares. The reverse stock split was approved by the Company's stockholders at the annual meeting of stockholders held on May 9, 2022 at a ratio ranging from 1-for-2 up to a ratio of 1-for-15, such ratio to be determined by the Board of Directors and included in a public announcement. \nAs a result of the reverse stock split, every 11 shares of the Company's common stock issued and outstanding will be automatically reclassified into one new share of common stock. The reverse stock split will not modify any rights or preferences of the shares of the Company's common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, and warrants, as well as to the number of shares issued and issuable under the Company's equity incentive plans...

More updates from Rockwell Medical, Inc.