Shares of Aytu Bioscience (AYTU) rose to $8 from $0.88 in Wednesday’s intraday trading session.
According to a recent SEC filing, Aytu BioScience’s Board of Directors approved a 1-for-10 reverse stock split of the Company’s common stock, which will be effective at 8:00 a.m. Eastern Time on Tuesday, December 8, 2020. The Company’s stockholders approved the reverse stock split at an Annual Meeting of Stockholders on April 23, 2020.
The Company’s shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing upon market open on December 9, 2020. As a result of the reverse split, every 10 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.0001 per share. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, the number of shares will be rounded up to the next whole number.
The reverse stock split will not modify the rights or preferences of the common stock.
Immediately after the reverse split becomes effective, there will be approximately 12,949,570 million shares of common stock issued and outstanding. The common shares will trade under a new CUSIP number, 054754874, effective December 9, 2020, and continue to trade under the symbol “AYTU.” All stock options and warrants of the Company outstanding immediately prior to the reverse stock split have been proportionally adjusted.
