September 28, 2015 8:31am
Will become effective immediately following the close of trading 9.28.15 – OPXA closed 9/25 at $0.46, down -$0.02. The issue, historically these moves have been successful but, also eroded share pricing.
The consolidated common shares will begin trading on a split-adjusted basis on September 29, 2015 on the NASDAQ Capital Market.
The reverse stock split was determined by the Board of Directors in its discretion, at a ratio of not less than 1-for-4 and not more than 1-for-8.
The reverse stock split is being implemented by Opexa to maintain the listing of its common stock on the NASDAQ Capital Market.
The Bottom Line: The reverse split reduced the number of shares of Opexa’s outstanding common stock from approximately 54.3 M shares to approximately 6.8 M shares. OPXA received a deficiency notice from NASDAQ in 12/14 and, following a 180-day cure period, received an additional 180 days from NASDAQ in 6/15 to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days before 11/30/15.
