Summary by Moomoo AI
On April 25, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, filed an amendment to its certificate of incorporation to effectuate a 1-for-75 reverse stock split of its common stock. This action was approved by the company's stockholders following a definitive information statement filed with the SEC on March 18, 2024. The board of directors had previously determined the reverse stock split ratio on April 10, 2024. The reverse stock split, which was implemented to comply with Nasdaq's minimum bid price requirement, reduced the number of outstanding shares from approximately 44.7 million to about 0.6 million, adjusting for fractional shares. The split became effective on April 26, 2024, with the common stock trading on a post-split basis from the opening of business on that date. The company's common stock retained its ticker symbol 'ATXI' and was assigned a new CUSIP number. Avenue Therapeutics also announced the reverse stock split in a press release on April 24, 2024.