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VYNE Therapeutics Announces Reverse Stock Split
Common stock expected to begin trading on split-adjusted basis on February 13, 2023 BRIDGEWATER, N.J., Feb. 10, 2023 (GLOBE NEWSWIRE) -- VYNE Therapeutics
About this update from Vyne Therapeutics Inc.
[{"type":"text","content":"Common stock expected to begin trading on split-adjusted basis on February 13, 2023\nBRIDGEWATER, N.J., Feb. 10, 2023 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”), a biopharmaceutical company developing proprietary, innovative, and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced that its Board of Directors has approved a reverse stock split of the Company’s common stock at a ratio of 1-for-18. The reverse stock split was previously approved by stockholders at the Special Meeting of Stockholders on January 12, 2023. The reverse stock split will become effective after market close on Friday, February 10, 2023 and shares will begin trading on a split-adjusted basis when the market opens on Monday, February 13, 2023. VYNE's common stock will continue to be traded on the Nasdaq Capital Market under the symbol VYNE. The reverse stock split is intended to enable VYNE to regain compliance with the $1.00 minimum bid price required for continued listing on the Nasdaq Capital Market. The new CUSIP number for VYNE's common stock following the reverse stock split will be 92941V 308. At a special meeting of stockholders held on January 12, 2023, VYNE's stockholders approved a reverse stock split of VYNE's common stock through an amendment to its Certificate of Incorporation at a ratio of not less than 1-for-10 and not more than 1-for-25, with such ratio to be determined by the Board of Directors. Additional information regarding the reverse stock split approved by stockholders can be found in VYNE's definitive proxy statement filed with the Securities and Exchange Commission on November 25, 2022. At the effective time of the reverse stock split, every 18 shares of VYNE's issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-18 reverse stock split. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stock...