MEMPHIS, Tenn.--(BUSINESS WIRE)--Dec. 5, 2016--
GTx, Inc. (Nasdaq: GTXI) today announced a reverse stock split of its
shares of common stock at a ratio of one-for-ten. The reverse stock
split will be effective at 5:00 p.m. Eastern Time on December 5, 2016.
At the opening of trading on December 6, 2016, GTx’s common stock will
begin trading on a split-adjusted basis and the number of shares of
GTx’s common stock outstanding will decrease from approximately 159.2
million pre-split shares to approximately 15.9 million post-split shares.
The primary purpose of the reverse stock split is to enable GTx to
regain compliance with the $1.00 minimum bid price requirement for
continued listing on The NASDAQ Capital Market. As previously disclosed,
GTx has until December 19, 2016 in order to regain compliance with the
minimum bid price requirement and had previously submitted written
notice to NASDAQ of its intention to cure the minimum bid price
deficiency by effecting a reverse stock split. In order to regain
compliance, the closing bid price of GTx’s common stock must be at least
$1.00 for a minimum of ten (10) consecutive trading days.
GTx’s common stock will continue to trade on The NASDAQ Capital Market
under the symbol “GTXI” although it is expected that the letter “D” will
be appended to the ticker symbol for approximately twenty (20) trading
days to indicate the completion of the reverse stock split. In addition,
GTx’s common stock will trade under a new CUSIP number 40052B207
following the reverse stock split.
In the reverse stock split, every ten (10) shares of GTx’s common stock
outstanding will automatically be combined and reclassified into one (1)
new share of common stock. Holders of common stock that would otherwise
receive a fractional share of common stock pursuant to the reverse stock
split will receive cash in lieu of the fractional share. The reverse
stock split will affect all GTx stockholders uniformly and will not
affect any stockholder’s percentage ownership interests in GTx (except
to the extent that the reverse stock split results in any stockholders
owning only a fractional share). Additionally, all GTx equity awards and
warrants outstanding immediately prior to the reverse stock split will
be proportionately adjusted.
Stockholders who hold their shares in electronic form at a brokerage
firm need not take action as the shares will automatically be adjusted
to reflect the reverse stock split. Beneficial holders may contact their
bank, broker or nominee for more information. Stockholders holding
physical certificates may (but are not required to) send their
certificates to GTx’s transfer agent at the address given below for
reissuance in post-split form. GTx’s transfer agent, Computershare Trust
Company, will act as the exchange agent for this reverse stock split and
will issue a new stock certificate reflecting the terms of the reverse
stock split to each stockholder who submits a physical stock certificate
with instructions for reissuance.
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
877-282-1168 or 781-575-2723 (outside US and Canada)
Additional information regarding the reverse stock split can be found in
GTx’s definitive proxy statement (Form DEF 14A), filed with the SEC on
March 28, 2016, and posted in the "Investors" section of GTx’s website
GTx, Inc., headquartered in Memphis, Tenn., is a biopharmaceutical
company dedicated to the discovery, development and commercialization of
small molecules for the treatment of cancer, including treatments for
breast and prostate cancer, and other serious medical conditions.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161205005680/en/
Source: GTx, Inc.
Lauren Crosby, 901-271-8622
Denise Powell, 510-703-9491