ANAVEX LIFE SCIENCES (OTCMKTS:AVXLD) spiked higher as it finished the last trading session with a nice gain of 8.79%. The volume of the day at 1.4 million was just slightly higher than the daily average of 1.1 million, a spot of worry for the bulls. More importantly, the final closing price $9.10 was significantly lower than the day high of $9.85, reflecting price rejection at the higher levels. The day high was also very close to the short term swing high and supply area around $10 levels. If the bulls fail to make a break above $10 in the next couple of sessions, a correction can’t be ruled out.
ANAVEX LIFE SCIENCES (OTCMKTS:AVXLD) a biopharmaceutical entity in its clinical stage advancing novel medications to cure CNS diseases, cancers, pain and Alzheimer’s announced that it received nod to list its common stock on the recognized NASDAQ platform. As a result, the company’s common stock will initiate its trading in NASDAQ under the ticker AVXL on October 28.
In order to meet the listing conditions, the company opted for a one-for-four reverse stock split of Anavex’s authorized, released and outstanding common shares. Following it, every 4 shares of issued and outstanding AVXL common stock were converted to 1 post-reverse split share. The reverse stock split reduced the authorized shares of AVXL common stock from 400 million prior to the split to 100 million after the reverse stock split.
The common stock of Anavex was trading under the ticker “AVXLD” since last 20 business days. After listing on the NASDQ, the ‘D” will be removed and the ticker will once again change to AVXL. Also, a new CUSIP number was assigned to Anavex’s common stock following the reverse split.
Christopher U. Missling, PhD, the President and CEO stated that it is a remarkable accomplishment for Anavex. As the company turns a NASDAQ listed firm, the management will be able to showcase the overall development to a broader audience. In will not only enhance the visibility of company’s strengths but will also result in increased value for company’s shareholders.
Anavex reported that the NASDAQ uplisting comes at an important time as the company is set to report its full PART A results and preliminary data from PART B Phase IIa clinical trial at the CTAD conference scheduled on November 7. Anavex’s lead drug candidate, Anavex 2-73 comes in the category of orally formulated medications.