Adial Pharmaceuticals implements 1-for-25 reverse stock split to regain Nasdaq bid price compliance

ADIAL PHARMACEUTICALS, INC.

Reverse stock split effective Aug 4, 2023 at 11:59 p.m. ET; split-adjusted trading begins Aug 7.
Outstanding shares reduce from ~30.5M to ~1.2M; no change in authorized shares.
Proportional adjustments to equity awards and warrants; fractional shares cashed out.
Primary goal: raise bid price above $1.00 to maintain Nasdaq listing.
CEO Claiborne cites progress on AD04 for Alcohol Use Disorder and attracting broader investors.

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

ADIAL PHARMACEUTICALS, INC.: Filed amendment to Certificate of Incorporation to effect a 1-for-25 reverse stock split of common stock (effective 2023-08-04).

Change: charter amendment
Effective: 2023-08-04

Exact text from the filing

On August 3, 2023, the Company filed an amendment to the Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect the reverse stock split, with an effective time of 11:59 p.m. Eastern Time on August 4, 2023 (the “Reverse Stock Split”).

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ADIAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-063213

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