Clene Inc. announced the approval of a reverse stock split and an increase in authorized shares at its annual stockholders' meeting on May 29, 2024. The reverse stock split, at a ratio not less than 1-for-5 and not greater than 1-for-20, aims to comply with Nasdaq's minimum bid price requirement. Additionally, stockholders approved an amendment to increase the number of authorized shares of common stock from 300,000,000 to 600,000,000. The reverse stock split is expected to enhance the appeal of Clene's stock to a broader range of investors and improve liquidity. The additional authorized shares will provide flexibility for future corporate purposes. The Board has the discretion to determine the exact ratio of the reverse stock split and may abandon the amendment if it's no longer in the company's best interest. The amendments to the stock plan were also approved, increasing the number of shares reserved for issuance by 30,000,000 shares.

Clene Inc. announced the approval of a reverse stock split and an increase in authorized shares at its annual stockholders' meeting on May 29, 2024. The reverse stock split, at a ratio not less than 1-for-5 and not greater than 1-for-20, aims to comply with Nasdaq's minimum bid price requirement. Additionally, stockholders approved an amendment to increase the number of authorized shares of common stock from 300,000,000 to 600,000,000. The reverse stock split is expected to enhance the appeal of Clene's stock to a broader range of investors and improve liquidity. The additional authorized shares will provide flexibility for future corporate purposes. The Board has the discretion to determine the exact ratio of the reverse stock split and may abandon the amendment if it's no longer in the company's best interest. The amendments to the stock plan were also approved, increasing the number of shares reserved for issuance by 30,000,000 shares.