Verastem effects 1-for-12 reverse stock split to meet Nasdaq price requirement

Verastem, Inc.

Reverse stock split effective 5:00 p.m. ET May 31, 2023; trading on split-adjusted basis June 1 under VSTM.
Outstanding shares reduced from ~200,872,633 to ~16,739,386; CUSIP changed to 92337C203.
No fractional shares issued; cash paid at closing price of May 30 adjusted for 1-for-12 ratio.
Authorized shares remain 300,000,000; par value unchanged at $0.0001 per share.
Split designed to boost per-share price for continued Nasdaq listing and broader investor appeal.

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

Verastem, Inc.: Amended restated certificate of incorporation to effect a one-for-twelve reverse stock split of common stock (effective 2023-05-30).

Change: charter amendment
Effective: 2023-05-30

Exact text from the filing

On May 30, 2023, Verastem, Inc. (the “Company”) filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation, as amended to date, (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s issued and outstanding common stock, par value $0.0001 (the “Common Stock”) at a ratio of one-for-twelve (the “Reverse Stock Split”).

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Verastem, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-066363

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