Aptevo Therapeutics Inc. announced its decision to conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-37. This corporate action is intended to consolidate the company's shares and increase its per-share trading price. The reverse stock split is a strategic move to address Nasdaq listing requirements.
The Reverse Stock Split is expected to become effective on December 3, 2024, at 5:01 p.m. Pacific Time. This adjustment will reduce the number of outstanding shares while proportionally increasing the stock price, aiming to bring the company into compliance with Nasdaq's minimum bid price rule.
For existing shareholders, the total value of their holdings will remain the same immediately after the split, though they will own fewer shares. This measure is a direct response to the company's Nasdaq compliance plan, highlighting the importance of maintaining its listing status.
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