Avenue Therapeutics, Inc. has announced the approval of a reverse stock split by stockholders holding approximately 56% of the voting power. The reverse stock split will be within a range of 30-for-1 to 75-for-1, with the exact ratio to be determined by the board of directors. The board unanimously approved the proposal and recommended stockholder approval. The reverse stock split is intended to be filed with the Secretary of State for the State of Delaware and will take effect no earlier than April 8, 2024. This action has been taken without the need for a stockholder meeting, utilizing written consent in lieu of a meeting, and does not create appraisal or dissenters' rights under Delaware law. The Information Statement regarding this action was...Show More

Avenue Therapeutics, Inc. has announced the approval of a reverse stock split by stockholders holding approximately 56% of the voting power. The reverse stock split will be within a range of 30-for-1 to 75-for-1, with the exact ratio to be determined by the board of directors. The board unanimously approved the proposal and recommended stockholder approval. The reverse stock split is intended to be filed with the Secretary of State for the State of Delaware and will take effect no earlier than April 8, 2024. This action has been taken without the need for a stockholder meeting, utilizing written consent in lieu of a meeting, and does not create appraisal or dissenters' rights under Delaware law. The Information Statement regarding this action was first mailed to stockholders on or about March 18, 2024. The reverse stock split aims to reduce the number of outstanding shares, potentially affecting the market price and liquidity of the common stock. The company's board may choose not to proceed with the reverse stock split if it is not deemed in the best interests of the stockholders.