Trevena Announces Reverse Stock Split
Trevena (Nasdaq: TRVN) has announced a 1-for-25 reverse stock split, effective August 13, 2024. This move aims to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The company's common stock will continue trading under the symbol 'TRVN' on the Nasdaq Capital Market, with a new CUSIP number 89532E 307. The split will affect all outstanding shares, equity incentive plans, and adjust stock options and warrants. No fractional shares will be issued; instead, affected stockholders will receive cash payments. This decision follows stockholder approval at the June 13, 2024 Annual General Meeting.
Trevena (Nasdaq: TRVN) ha annunciato un raggruppamento azionario 1-per-25, che entrerà in vigore il 13 agosto 2024. Questa mossa mira a ripristinare la conformità con il requisito di prezzo minimo di $1,00 di Nasdaq. Le azioni ordinarie della società continueranno a essere scambiate sotto il simbolo 'TRVN' nel Nasdaq Capital Market, con un nuovo numero CUSIP 89532E 307. Il raggruppamento interesserà tutte le azioni in circolazione, i piani di incentivazione azionaria e modificherà le opzioni azionarie e le garanzie. Non saranno emesse azioni frazionarie; invece, gli azionisti interessati riceveranno pagamenti in contanti. Questa decisione è stata presa dopo l'approvazione degli azionisti durante l'Assemblea Generale Annuale del 13 giugno 2024.
Trevena (Nasdaq: TRVN) ha anunciado un desdoblamiento de acciones 1 por 25, que entrará en vigor el 13 de agosto de 2024. Este movimiento tiene como objetivo recuperar el cumplimiento con el requisito de precio mínimo de oferta de $1.00 de Nasdaq. Las acciones ordinarias de la compañía seguirán negociándose bajo el símbolo 'TRVN' en el Nasdaq Capital Market, con un nuevo número CUSIP 89532E 307. El desdoblamiento afectará todas las acciones en circulación, los planes de incentivos de capital y ajustará las opciones sobre acciones y las garantías. No se emitirán acciones fraccionarias; en cambio, los accionistas afectados recibirán pagos en efectivo. Esta decisión sigue a la aprobación de los accionistas en la Junta General Anual del 13 de junio de 2024.
Trevena (Nasdaq: TRVN)는 1대 25 액면병합을 발표하며, 이는 2024년 8월 13일에 시행됩니다. 이 조치는 Nasdaq의 $1.00 최소 호가 요건을 준수하기 위한 것입니다. 회사의 보통주는 Nasdaq Capital Market에서 'TRVN' 기호로 계속 거래되며, 새로운 CUSIP 번호 89532E 307이 부여됩니다. 이번 분할은 모든 발행주식, 자본 인센티브 계획에 영향을 미치고, 주식 옵션 및 워런트를 조정할 것입니다. 분할된 주식은 발행되지 않으며, 대신 해당 주주들은 현금 지급을 받게 됩니다. 이 결정은 2024년 6월 13일의 연례 주주 총회에서 주주들의 승인을 받은 결과입니다.
Trevena (Nasdaq: TRVN) a annoncé un rachat d'actions 1 pour 25, qui entrera en vigueur le 13 août 2024. Ce mouvement vise à rétablir la conformité avec l'exigence de prix minimum de $1,00 de Nasdaq. Les actions ordinaires de la société continueront d'être négociées sous le symbole 'TRVN' sur le Nasdaq Capital Market, avec un nouveau numéro CUSIP 89532E 307. Le rachat affectera toutes les actions en circulation, les plans d'incentive en actions et ajustera les options sur actions ainsi que les bons de souscription. Aucune action fractionnaire ne sera émise ; en revanche, les actionnaires concernés recevront des paiements en espèces. Cette décision a été prise suite à l'approbation des actionnaires lors de l'Assemblée Générale Annuelle du 13 juin 2024.
Trevena (Nasdaq: TRVN) hat einen 1-zu-25 Aktiensplit angekündigt, der am 13. August 2024 in Kraft tritt. Dieser Schritt zielt darauf ab, die Einhaltung der Mindestsatzanforderung von $1,00 von Nasdaq wiederherzustellen. Die Stammaktien des Unternehmens werden weiterhin unter dem Symbol 'TRVN' am Nasdaq Capital Market gehandelt, mit einer neuen CUSIP-Nummer 89532E 307. Der Split betrifft alle ausstehenden Aktien, Aktienoptionspläne und wird Aktienoptionen sowie Wandelanleihen anpassen. Es werden keine Bruchstücke ausgegeben; stattdessen erhalten betroffene Aktionäre Barzahlungen. Diese Entscheidung folgt der Genehmigung der Aktionäre auf der Hauptversammlung am 13. Juni 2024.
- Potential to regain compliance with Nasdaq listing requirements
- Stockholder approval obtained for the reverse stock split
- Indication of struggling stock price performance
- Potential dilution of shareholder value
- Risk of not meeting Nasdaq compliance despite the split
Insights
Trevena's 1-for-25 reverse stock split is a critical move to maintain Nasdaq listing compliance. This action, while not directly improving the company's financial position, could have significant implications:
- Potential increased investor interest due to higher share price
- Risk of reduced liquidity with fewer outstanding shares
- Psychological impact on market perception
Investors should note that this doesn't change Trevena's market cap or fundamental value. The key will be watching for post-split price stability and any changes in trading volume. This move buys time, but Trevena needs to demonstrate improved financial performance to sustain long-term investor confidence.
The reverse split reflects Trevena's struggle to maintain its Nasdaq listing, a common issue for small-cap biotech firms. Key points to consider:
- Market perception: Often seen as a negative signal, potentially impacting investor sentiment
- Institutional investors: May now find the stock more attractive due to higher share price
- Short-term volatility: Expect increased price fluctuations post-split
While this move doesn't address underlying business challenges, it provides Trevena a chance to realign its strategy. Investors should closely monitor the company's pipeline progress and any shifts in institutional ownership following this corporate action.
CHESTERBROOK, Pa., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation (the “Amendment”) to effect a reverse stock split of its common stock at a ratio of 1-for-25. The reverse stock split will become effective at 12:01 a.m. ET on Tuesday, August 13, 2024. Trevena’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol “TRVN” and will begin trading on a split-adjusted basis when the market opens on Tuesday, August 13, 2024. The reverse stock split is intended to enable Trevena to regain compliance with the
At the Annual General Meeting of stockholders held on June 13, 2024, Trevena’s stockholders approved a reverse stock split of Trevena’s common stock at a ratio of not less than 1-for-2 and not more than 1-for-25, with such ratio to be determined by the Board of Directors. Additional information regarding the reverse stock split approved by stockholders can be found in Trevena’s definitive proxy statement that was filed with the Securities and Exchange Commission on April 29, 2024.
The Amendment provides that at the effective time of the reverse stock split, each 25 shares of the Company’s issued and outstanding common stock will be automatically combined into one validly issued, fully paid and non-assessable share of common stock, without effecting a change to the par value per share. The reverse stock split will affect all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options and warrants outstanding immediately prior to the effectiveness of the reverse stock split with a corresponding increase in exercise price per share.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing trading price per share of the common stock (as adjusted for the reverse stock split) as reported on The Nasdaq Capital Market on the trading day immediately preceding the effective time of the reverse stock split. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company's transfer agent, Continental Stock Transfer & Trust Company at (800) 509-5586.
About Trevena
Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative medicines for patients with CNS disorders. The Company has one approved product in the United States, OLINVYK® (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company’s novel pipeline is based on Nobel Prize winning research and includes three differentiated investigational drug candidates: TRV045 for diabetic neuropathic pain and epilepsy, TRV250 for the acute treatment of migraine and TRV734 for maintenance treatment of opioid use disorder.
For more information, please visit www.Trevena.com
For more information, please contact:
Company Contact:
Bob Yoder
SVP and Chief Business Officer
Trevena, Inc.
(610) 354-8840
FAQ
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