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Vistagen Announces Stockholder-Approved Reverse Stock Split
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Vistagen (NASDAQ: VTGN) a late clinical-stage biopharmaceutical company aiming to transform the treatment
About this update from Vistagen Therapeutics, Inc.
[{"type":"text","content":" SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVistagen (NASDAQ: VTGN) a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other central nervous system (CNS) disorders, today announced that it will implement a stockholder-approved reverse stock split of its outstanding shares of common stock, at a ratio of one-for-thirty unanimously approved by its Board of Directors. Vistagen common stock will begin trading on a split-adjusted basis at the opening of trading on the Nasdaq Capital Market on Wednesday, June 7, 2023. The Company’s shares will continue to trade on the Nasdaq Capital Market under the symbol “VTGN,” with a new CUSIP number, 92840H400.\n\n\nThe primary corporate and strategic objectives for implementing the stockholder-approved reverse split at this time include the following:\n\n\n\nTo re-establish compliance with Nasdaq’s minimum bid price requirement to help ensure Vistagen maintains the numerous benefits of listing its common stock on the Nasdaq Capital Market;\n\n\n\nTo increase awareness of the Company, and the therapeutic potential of its six clinical-stage drug candidates, in the capital markets and among healthcare-focused media; and\n\n\n\nTo broaden the Company’s market base through enhanced access to institutional investors, mutual funds, family office investors, the general investing public and healthcare-focused sell-side research analysts.\n\n\n\nAs previously disclosed, at the Company’s 2022 Annual Meeting of Stockholders held on October 28, 2022, the Company’s stockholders authorized the Company’s Board of Directors to effect a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio of up to one-for-thirty, with the exact ratio to be determined at the discretion of the Company’s Board of Directors. Subsequently, the Company’s Board of Directors unanimously approved the ratio of one-for-thirty. Accordingly, upon effectiveness of the reverse stock split, every thirty shares of Vistagen common stock outstanding as of the effective date will be automatically consolidated into one share of Vistagen common stock. In addition, the number of shares and exercise prices of outstanding options to purchase common stock granted under the Company’s stockholder-approved plans and outsta...