Peak Pharmaceuticals Announces One-for-Two-Hundred Reverse Stock Split

Rhea-AI Summary

Peak Pharmaceuticals, Inc. (OTC Pink:PKPH) announced a 1-for-200 reverse stock split effective February 15, 2023. This means that every 200 pre-split shares will combine into one new share of common stock, reducing the total outstanding shares from 78,363,567 to 391,818. The new shares will trade under the symbol PKPHD with a new CUSIP number, 70469W205. There will be no fractional shares issued; any fractional shares will be rounded up to the nearest whole share. This move aims to consolidate the stock and may impact its trading dynamics on the OTC Pink Market.

Positive

• Reduction of outstanding shares from 78,363,567 to 391,818 may enhance share value.
• Reverse stock split can attract higher-value investors and improve market perception.

Negative

• A reverse stock split can be perceived as a sign of underlying financial distress.
• Shareholders may experience dilution in value despite the consolidated share count.

SCOTTSDALE, AZ / ACCESSWIRE / February 14, 2023 / Peak Pharmaceuticals, Inc. (OTC Pink:PKPH) ("Peak" or the "Company"), today announced that it will effect a 1-for-200 reverse stock split of its outstanding common stock. Peak's common stock will continue to trade on the OTC Pink Market under the symbol "PKPHD" and under a new CUSIP number, 70469W205. Peak's common stock will begin trading on a reverse stock split-adjusted basis on the OTC Pink Market when the market opens on February 15, 2023.

As a result of the reverse stock split, every two hundred pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the shareholders. Following the consummation of the reverse stock split, the number of issued and outstanding shares of common stock will be reduced from 78,363,567 to 391,818.

No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu of fractional shares.

Company Contact:

Neil Reithinger
President
nreithinger@eventusag.com

SOURCE: Peak Pharmaceuticals, Inc.

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https://www.accesswire.com/739338/Peak-Pharmaceuticals-Announces-One-for-Two-Hundred-Reverse-Stock-Split

FAQ

What is the recent reverse stock split for Peak Pharmaceuticals?

Peak Pharmaceuticals announced a 1-for-200 reverse stock split effective February 15, 2023.

What will happen to my shares after the reverse stock split?

Every 200 pre-split shares will combine into one new share, reducing the total shares outstanding.

What is the new ticker symbol after the reverse stock split?

After the reverse stock split, the new ticker symbol will be PKPHD.

How many shares will be outstanding after the split?

After the reverse stock split, the number of outstanding shares will be reduced to 391,818.

Will I receive cash for fractional shares after the split?

No, shareholders will not receive cash for fractional shares; any fractions will be rounded up to the nearest whole share.