LONDON, UK / ACCESSWIRE / January 09, 2018 / Active-Investors.com has just released a free research report on RXi Pharmaceuticals Corp. (NASDAQ: RXII). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RXII as the Company's latest news hit the wire. On January 05, 2018, the Company announced that it will execute a reverse stock split of its shares of common stock at a ratio of 1-for-10, becoming effective on January 08, 2018. Every ten shares of the Company's common stock will be combined into one share, thereby reducing the Company's issued and outstanding common stock from approximately 24.3 million shares to approximately 2.4 million shares. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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The split will also proportionately adjust outstanding options issued under RXi Pharma's equity incentive plan and outstanding warrants to purchase common stock, including listed warrants trading on the Nasdaq Capital Market. The decision was approved by the Company's stockholders at the annual stockholder meeting held on June 06, 2017.
Details of Reverse Stock Split
As a result of the reverse stock split, no fractional shares of common stock will be issued. Holders of RXi Pharma's common stock will receive a cash payment instead of fractional shares to which they would otherwise be entitled. After the effective time of the reverse stock split, shareholders with shares held in certificate form will receive a Letter of Transmittal and instructions from the Company's transfer agent, Computershare, Inc. Shareholders that hold shares in book-entry form or hold their shares in brokerage accounts will see the impact of the reverse stock split reflected in their accounts.
Reason for the Decision
On August 03, 2017, the Nasdaq Stock Market granted RXi Pharma a 180-day extension to meet the listing requirements for continued listing on its exchange. The Company currently has until January 29, 2018, to regain compliance with the Nasdaq Stock Market's minimum bid price requirement, and to regain compliance, RXi Pharma's common stock must have a minimum bid price per share of at least $1.00 for 10 consecutive business days. The main reason for the reverse stock split decision is to increase the per share trading price of the Company's common stock in order to help ensure a share price high enough to satisfy the $1.00 per share minimum bid price requirement. But there can be no assurance that the reverse stock split will have the desired effect of sufficiently raising the bid price of the Company's common stock for the required period.
RXi Pharma's Last Reverse Stock Split
The last split for RXi Pharma's took place on April 18, 2016. This was also 1 for 10 reverse split which for each 10 shares of the Company owned pre-split, the shareholder owned one share. This reduced the Company's issued and outstanding common stock from approximately 65.3 million shares to approximately 6.5 million shares. The reason for the stock split was also to increase the per share trading price of the Company's common stock to help ensure a share price high enough to satisfy the $1.00 per share minimum bid price requirement.
About RXi Pharmaceuticals Corp.
Founded in 2011, RXi Pharma is a clinical-stage company developing innovative therapeutics that address significant unmet medical needs. RXi developed a robust RNAi therapeutic platform including self-delivering RNA (sd-rxRNA®) compounds that have the ability to highly and selectively block the expression of any target in the genome, thus providing applicability to a broad spectrum of therapeutic areas. The Company is headquartered in Marlborough, Massachusetts.
Stock Performance Snapshot
January 08, 2018 - At Monday's closing bell, RXi Pharmaceuticals' stock dropped 3.80%, ending the trading session at $4.51.
Volume traded for the day: 50.20 thousand shares, which was above the 3-month average volume of 44.15 thousand shares.
After yesterday's close, RXi Pharmaceuticals' market cap was at $117.31 million.
The stock is part of the Healthcare sector, categorized under the Biotechnology industry.
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