HAYWARD, Calif., October 25, 2022 /PRNewswire/ — AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), (AcelRx), a specialty pharmaceutical company focused on developing and commercializing 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 stock consolidation of its common shares at a ratio of 1:20. The stock consolidation will become effective at 5:01 p.m. ET Tuesday, October 25, 2022. The common shares of AcelRx will continue to trade 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 return AcelRx to compliance with the $1.00 minimum bid price required for continued listing on the Nasdaq Global Market. The new CUSIP number for AcelRx common stock after the stock consolidation will be 00444T209.
At an extraordinary meeting of shareholders held on September 23, 2022, AcelRx shareholders have approved a consolidation of the common shares of AcelRx through an amendment to its certificate of incorporation at a ratio of not less than 1:10 and not more than 1:30, such ratio to be determined by the Board of Directors. Additional information regarding the stock consolidation approved by shareholders can be found in AcelRx’s definitive proxy statement filed with the Securities and Exchange Commission on August 12, 2022.
Upon the effectiveness of the reverse stock split, all 20 issued and outstanding common shares of AcelRx will be automatically converted into one issued and outstanding common share without any change in par value per share. Shareholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the reverse 1 for 20 stock split. There is no need for shareholders holding common shares of the Company in certificate form to exchange their existing stock certificates for new stock certificates of the Company in the share consolidation, although shareholders may do so if they wish.
The reverse stock split will affect all shareholders evenly and will not change a shareholder’s percentage interest in the equity of the Company, except to the extent that the reverse stock split would result in a shareholder owning a fractional share. Any fractional share of a shareholder resulting from the stock consolidation will receive a proportional cash payment in lieu of receiving a fractional share. The Share Consolidation will reduce the number of AcelRx common shares 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 shareholders may have received on the reverse stock split. Proportional adjustments will be made to the number of AcelRx common shares issuable upon exercise or conversion of AcelRx stock awards and warrants, and to the applicable exercise price. Shareholders holding shares in brokerage accounts should direct any questions regarding the share consolidation to their broker; all other shareholders may direct their questions to the Company’s transfer agent, Computershare Trust Company, NA toll free at (800) 546-5141 or (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 environments. AcelRx’s proprietary non-invasive sublingual formulation technology provides sufentanil with consistent pharmacokinetic profiles. The Company has a product approved in the United States, 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 in adult patients in certified healthcare facilities under medical supervision, and several product candidates. Product candidates include: Zalviso® (sufentanil sublingual tablet system, SST system, 15 mcg), an investigational product in the United States under development as a novel patient-controlled analgesia (PCA) system for the 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 United States 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 press release is intended for investors only. For more information on AcelRx, please visit www.acelrx.com.
This press release contains forward-looking statements based on AcelRx’s current expectations. These and other forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “potential”, “believe”, ‘expect’, ‘expect’, ‘anticipate’, ‘may’, ‘will’, ‘allow’, ‘should’, ‘seek’, ‘approximately’, ‘intend’, “expected”, “plan”, “estimate”, “profits”, “regain”, or the negative of these words or any other comparable terminology. Discussion of financial trends, strategy, plans or intentions may also include forward-looking statements, which are predictions, projections and other statements about future events based on current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results actuals differ materially from those projected, anticipated or implied by such statements, including but not limited to: (i) risks associated with AcelRx’s product development activities and ongoing business operations; (ii) risks relating to AcelRx’s ability 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 development products and technologies; (iv) risks relating to AcelRx’s liquidity and our ability to maintain capital resources; (v) AcelRx’s ability to maintain its listing on the Nasdaq stock exchange; and (vi) risks related to our ability to obtain regulatory approvals for our product candidates in development. Although it is not possible to predict or identify all of these risks and uncertainties, they may include, but are not limited to, those described under “Risk Factors” and elsewhere in the annual, quarterly and of AcelRx (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 these forward-looking statements, which speak only as of the date such statements were first made. To the extent that financial information is included in this press release, it is in summary form only and should be considered in the context of the full details provided in AcelRx’s most recent annual, quarterly or current report, such as as filed or furnished to the SEC. AcelRx SEC reports are available at www.acelrx.com under the “Investors” tab. Except to the extent required by law, AcelRx undertakes no obligation to release the outcome 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 unforeseen events. .
SOURCEAcelRx Pharmaceuticals, Inc.