CHESTERBROOK, PA — Trevena, Inc. (Nasdaq: TRVN) has announced a reverse stock split of its common stock at a ratio of 1-for-25. The split will take effect at 12:01 a.m. ET on Tuesday, August 13, 2024. Trevena’s stock will continue to trade on the Nasdaq Capital Market under the symbol “TRVN” and will begin trading on a split-adjusted basis when markets open on August 13. The new CUSIP number for Trevena’s common stock will be 89532E 307.
This move aims to help Trevena regain compliance with the $1.00 minimum bid price required for continued listing on the Nasdaq Capital Market. Stockholders approved the reverse stock split at Trevena’s Annual General Meeting on June 13, 2024. The approved ratio ranged from 1-for-2 to 1-for-25, with the final ratio decided by the Board of Directors.
The reverse stock split means that every 25 shares of Trevena’s issued and outstanding common stock will be combined into one share, without changing the par value per share. The split will also reduce the number of shares available under the company’s equity incentive plans and adjust the number of shares issuable upon the exercise of stock options and warrants, along with a corresponding increase in the exercise price per share.
No fractional shares will be issued. Stockholders entitled to fractional shares will receive a cash payment instead. Questions regarding the reverse stock split can be directed to brokers or to the company’s transfer agent, Continental Stock Transfer & Trust Company, at (800) 509-5586.
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