Rexahn Pharmaceuticals, Inc (NYSEMKT:RNN) ,which as a matter of fact happens to be clinical stage biopharmaceutical company with remarkable abilities in the development of the cutting-edge therapeutics used in facing out cancer has today gone ahead to make public its latest plan.
From the latest report, the high end biopharmaceutical provider has through a statement showcased dedication towards implementing a 1-for-10 reverse stock split of outstanding shares of the provider’s common stock. In the same light it is worth mentioning the corresponding proportional reduction in various authorized shares in line with the provider’s capital stock.
According to the company’s board of directors, there is great hope than in a short while, most probably by May 5, 2017 the reverse stock split will be implemented and in the best fashion ever. This as a matter of fact follows the filing as well as the effectiveness of a Certificate of Amendment to the provider’s certificate of incorporation.
Still on the same point it is important to also move ahead and highlight the point that the trading of the high end provider’s common stock on the NYSE MKT will commence on a spilt-adjusted foundation ahead of the next trading set to take place on May 5, 2017.
According to some top trusted sources working closely with the company, there are high hopes that indeed the share reduction might as a matter of fact be effective concurrently with the reverse stock split and this has been received with mixed reactions, with some people looking at the matter with raised eyebrows. No one really knows what tomorrow brings; all we have to do is just wait and see!
However, one thing is beyond any reasonable cloud of doubt and this is of course in reference to the reverse stock. Now as the matter stands, for every 10 shares of the issued common stock is expected to be converted into a single share of the common stock.
According to the company’s chief executives, each and every shareholder will receive cash in lieu of every share that they would otherwise have been entitled to obtain arising from the reverse stock spilt.