Acasti Pharma announces 1-for-6 reverse stock split to regain Nasdaq minimum bid price compliance

Grace Therapeutics, Inc.

Reverse split at 1-for-6 effective July 10, 2023; shares trade on split-adjusted basis from market open.
Outstanding shares reduced from ~44.6M to ~7.4M; no fractional shares issued, rounded up to whole share.
Split intended to regain compliance with Nasdaq $1.00 minimum bid price continued listing requirement.
New CUSIP number is 00430K865; trading symbol remains ACST.
Transfer agent Computershare will handle exchanges; street-name holders need not take action.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Grace Therapeutics, Inc.: Approved an amendment to the Articles of Incorporation to implement a 1-for-6 reverse stock split, effective July 10, 2023 (effective 2023-07-10).

Change: charter amendment
Effective: 2023-07-10

Exact text from the filing

On June 29, 2023, the Board of Directors (the “Board”) of Acasti Pharma Inc. (the “Company”) approved an amendment to the Company's Articles of Incorporation to implement a reverse stock split of the Company’s Class A common shares, no par value per share (the “Common Shares”), at a ratio of 1-for-6 (the “Reverse Stock Split”). Thereafter, on July 4, 2023, the Company filed Articles of Amendment to its Articles of Incorporation (the “Articles of Amendment”) with the Registraire des entreprises du Québec , to implement the Reverse Stock Split. The Reverse Stock Split will be effective as of 12:01 a.m. (Eastern Time) on July 10, 2023

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Source: SEC EDGAR

accession 0000950170-23-032154

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