HAYWARD,
Calif., Oct. 25, 2022 /PRNewswire/ -- AcelRx
Pharmaceuticals, Inc. (Nasdaq: ACRX), (AcelRx), a specialty
pharmaceutical company focused on the development and
commercialization of innovative therapies for use in medically
supervised settings, today announced that it has filed a
Certificate of Amendment to its Certificate of Incorporation to
effect a reverse stock split of its common stock at a ratio of
1-for-20. The reverse stock split will become effective at
5:01 p.m. ET on Tuesday,
October 25, 2022. AcelRx's common stock will continue to be
traded on the Nasdaq Global Market under the symbol ACRX and will
begin trading on a split-adjusted basis when the market opens on
Wednesday, October 26, 2022. The reverse stock split is
intended to enable AcelRx to regain compliance with
the $1.00 minimum bid price required for continued
listing on the Nasdaq Global Market. The new CUSIP number for
AcelRx's common stock following the reverse stock split will be
00444T209.
At a special meeting of stockholders held on September 23, 2022, AcelRx's stockholders
approved a reverse stock split of AcelRx's common stock through an
amendment to its Certificate of Incorporation at a ratio of not
less than 1-for-10 and not more than 1-for-30, 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 AcelRx's definitive proxy statement filed with
the Securities and Exchange Commission on August 12,
2022.
At the effective time of the reverse stock split, every 20
shares of AcelRx's issued and outstanding common stock will be
converted automatically into one issued and outstanding share of
common stock without any change in the par value per share.
Stockholders holding shares through a brokerage account will have
their shares automatically adjusted to reflect the 1-for-20 reverse
stock split. It is not necessary for stockholders holding shares of
the Company's common stock in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. Any
fractional share of a stockholder resulting from the reverse stock
split will receive a proportional cash payment in lieu of receiving
a fractional share. The reverse stock split will reduce the number
of shares of AcelRx's common stock outstanding from 147,331,963,
shares to approximately 7,366,598 shares, subject to adjustment to
give effect to the treatment of any fractional shares that
stockholders would have received in the reverse stock split.
Proportional adjustments will be made to the number of shares of
AcelRx's common stock issuable upon exercise or conversion of
AcelRx's equity awards and warrants, as well as the applicable
exercise price. 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, Computershare Trust Company, N.A.
toll-free at (800) 546-5141 or at (781) 575-2765.
About AcelRx Pharmaceuticals, Inc.
AcelRx
Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. AcelRx's proprietary,
non-invasive sublingual formulation technology delivers sufentanil
with consistent pharmacokinetic profiles. The Company has one
approved product in the U.S., DSUVIA® (sufentanil sublingual
tablet, 30 mcg), known as DZUVEO® in Europe, indicated for the management of acute
pain severe enough to require an opioid analgesic for adult
patients in certified medically supervised healthcare settings, and
several product candidates. The product candidates include:
Zalviso® (sufentanil sublingual tablet system, SST system, 15 mcg),
an investigational product in the U.S. being developed as an
innovatively designed patient-controlled analgesia (PCA) system for
reduction of moderate-to-severe acute pain in medically supervised
settings; two pre-filled, ready-to-use syringes of ephedrine and
phenylephrine licensed for the U.S. from Aguettant; Niyad™, a
regional anticoagulant for the extracorporeal circuit; and LTX-608,
for the potential treatment of COVID-19, disseminated intravascular
coagulation, acute respiratory distress syndrome and acute
pancreatitis. DZUVEO is an approved product in Europe.
This release is intended for investors only. For additional
information about AcelRx, please visit www.acelrx.com.
Forward-looking statements
This press release contains forward-looking statements based
upon AcelRx's current expectations. These and any other
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements may be identified by the use of forward-looking
terminology such as "potential," "believe," "expect," "expected,"
"anticipate," "may," "will," "enable," "should," "seek,"
"approximately," "intends," "intended," "plans," "estimates,"
"benefits," "regain," or the negative of these words or other
comparable terminology. The discussion of financial trends,
strategy, plans or intentions may also include forward-looking
statements, which are predictions, projections and other statements
about future events that are based on current expectations and
assumptions. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated or implied by such statements,
including: (i) risks relating to AcelRx's product development
activities and ongoing commercial business operations; (ii) risks
related to the ability of AcelRx to implement its development
plans, forecasts and other business expectations; (iii) risks
related to unexpected variations in market growth and demand for
AcelRx's commercial and developmental products and technologies;
(iv) risks related to AcelRx's liquidity and our ability to
maintain capital resources; (v) AcelRx's ability to retaining its
listing on the Nasdaq exchange; and (vi) risks relating to
our ability to obtain regulatory approvals for our developmental
product candidates. Although it is not possible to predict or
identify all such risks and uncertainties, they may include, but
are not limited to, those described under the caption "Risk
Factors" and elsewhere in AcelRx's annual, quarterly and current
reports (i.e., Form 10-K, Form 10-Q and Form 8-K) as filed or
furnished with the Securities and Exchange
Commission (SEC) and any subsequent public filings. You are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date such statements were
first made. To the degree financial information is included in this
press release, it is in summary form only and must be considered in
the context of the full details provided in AcelRx's most recent
annual, quarterly or current report as filed or furnished with
the SEC. AcelRx's SEC reports are available
at www.acelrx.com under the "Investors" tab. Except to
the extent required by law, AcelRx undertakes no obligation to
publicly release the result of any revisions to these
forward-looking statements to reflect new information, events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events.
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SOURCE AcelRx Pharmaceuticals, Inc.