Summary by Moomoo AI
Avenue Therapeutics, Inc. has announced that stockholders holding approximately 56% of the voting power have approved a reverse stock split of the company's issued and outstanding common stock. The range for the reverse stock split is set between 30-for-1 and 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 subject to the board's discretion regarding the timing and necessity of the action. The Information Statement regarding this action was mailed to stockholders on or about a date in 2024, which has not been specified in the announcement. The effective date of the reverse stock split will be no earlier than a date in 2024, also not specified, following the board's determination. This action does not require a stockholder meeting or additional votes, as the written consent already satisfies Delaware law requirements for such corporate actions.
