The common shares will trade on a split-adjusted basis on December 1, 2022
NEW YORK, NY / ACCESSWIRE / November 30, 2022 / Petros Pharmaceuticals, Inc. (“Petros” or the “Company”) (Nasdaq:PTPI), a leading provider of men’s health therapeutics, today announced that it intends to conduct a post-split reverse stock split of its common stock -Share for every 10 pre-split shares. The reverse stock split will be effective on Wednesday, November 30, 2022 at 4:05 p.m. Petros common shares will continue to trade on the Nasdaq exchange under the symbol PTPI and will begin trading on a split-adjusted basis when the market opens on Thursday, December 1, 2022.
At the Annual General Meeting of Stockholders held on November 29, 2022, Petros stockholders granted the Company’s Board of Directors discretion to effect a reverse stock split of Petros common stock by amending the Amended and Restated Instrument of Incorporation in the proportion of not less than 1:4 and not more than 1:10, this ratio being determined by the Board of Directors of the Company.
At the effective date of the reverse stock split, every ten issued and outstanding common shares of Petros will automatically convert into one issued and outstanding common share with no change in par value per share. Shareholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1:10 reverse stock split. Shareholders holding common shares of the Company in certificated form will not be required to convert their existing share certificates into new share certificates of the Company in connection with the reverse stock split, although shareholders may do so if they wish.
The reverse stock split will affect all shareholders equally and will not change the shareholders’ percentage of equity in the Company, except to the extent that the reverse stock split…