MIAMI - Longeveron Inc. (NASDAQ:LGVN), a clinical stage biotechnology company, announced a 1-for-10 reverse split of its Class A and Class B common stock, set to take place at the close of business on March 26, 2024. The move aims to boost the company's per-share trading price to satisfy Nasdaq's minimum bid price requirement and secure its continued listing.
The reverse split was approved by Longeveron's stockholders on February 21, 2024, and the board of directors has now confirmed the action. Beginning March 27, 2024, the Class A common stock will trade on a split-adjusted basis under a new CUSIP number but will retain the LGVN ticker symbol.
This corporate action will consolidate every ten shares of issued and outstanding common stock into one share. Consequently, the number of outstanding shares of Class A common stock will be reduced from approximately 10.3 million to about 1.03 million, and Class B common stock from around 14.8 million to approximately 1.48 million, based on the number of shares as of March 18, 2024.
The total number of authorized shares will remain the same.
No fractional shares will be issued post-split. Shareholders who would have received a fractional share will instead receive a rounding up to the nearest whole share. The terms of all outstanding warrants and equity awards will be adjusted to reflect the reverse split while maintaining their economic value.
Stockholders with shares in electronic form do not need to take any action. Those holding shares through banks, brokers, or other nominees will see their holdings automatically adjusted. Shareholders with physical stock certificates will receive instructions from the transfer agent, Colonial Stock Transfer Company, Inc., for exchanging their certificates.
The information in this article is based on a press release statement from Longeveron.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.