Shares of Apricus Biosciences, Inc. (NASDAQ:APRI) Take a Hit Following Announcement of 1-for-10 Reverse Stock Split

Biopharmaceutical company, Apricus Biosciences, Inc. (NASDAQ:APRI), announced a 1-for-10 reverse stock split of its shares of common stock.

SAN DIEGO, Oct. 20, 2016 (GLOBE NEWSWIRE) — Apricus Biosciences, Inc. (APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced a reverse stock split of its shares of common stock at a ratio of 1-for-10. The reverse stock split will be effective at 5:00 p.m. Pacific Time on October 21, 2016. As of the open of the market on October 24, 2016, the Company`s common stock will begin trading on a split-adjusted basis.

As a result of the reverse stock split, the Company`s issued and outstanding shares of common stock will decrease to approximately 7.7 million post-split shares (prior to effecting the rounding of fractional shares into whole shares as described below) from approximately 77.3 million pre-split shares.  As a result of the reverse stock split, the total number of shares of common stock held by each stockholder will be converted automatically into the number of whole shares of common stock equal to (i) the number of shares of common stock held by such stockholder immediately prior to the reverse stock split, divided by (ii) ten.

No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the Company will issue one whole share of the post-split common stock to any stockholder of record who otherwise would have received a fractional share as a result of the reverse stock split.

Stockholders who are holding their shares in electronic form at their brokerage firms do not have to take any action to effect the exchange of their shares.  Such stockholders will receive instructions from their brokers. Stockholders holding paper certificates will receive written instructions by mail from the Company`s transfer agent.

All options, warrants and convertible securities of the Company outstanding immediately prior to the reverse stock split will be appropriately adjusted.

In connection with the reverse stock split, the Company`s CUSIP number will change to 03832V307 as of October 24, 2016.

The reverse stock split was previously approved by the Board of Directors of the Company in accordance with Nevada law, under which no stockholder approval is required.  The Company is effecting the reverse split in an effort to regain compliance with NASDAQ Listing Rule 5555(a)(2), which requires the Company to maintain a minimum closing bid price of $1.00 per share (the “Minimum Bid Price Requirement”).  To regain compliance with the Minimum Bid Price Requirement, the bid price of the Company`s Common Stock has to close at or above $1.00 per share for a minimum of ten consecutive business days prior to the Company`s compliance deadline of November 7, 2016.

About Apricus Biosciences, Inc.

Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing innovative medicines in urology and rheumatology. Apricus` commercial product, Vitaros®, for the treatment of erectile dysfunction, is approved in Canada and certain countries in Europe, Latin America and the Middle East and is being commercialized in several countries in Europe. In September 2015, Apricus in-licensed the U.S. development and commercialization rights for Vitaros from Allergan. Apricus` marketing partners for Vitaros include Laboratoires Majorelle, Bracco S.p.A., Recordati Ireland Ltd. (Recordati), Ferring International Center S.A. (Ferring Pharmaceuticals), Mylan NV and Elis Pharmaceuticals Ltd.  Apricus currently has one active product candidate, RayVa(TM), its product candidate for the treatment of the circulatory disorder Raynaud`s phenomenon.

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Apricus Biosciences, Inc. (NASDAQ:APRI) shares have moved -18.0653% on the news thus far today and have traded in the range of $0.2600 – 0.3200 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $0.9200 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  The sell-side analysts are projecting earnings per share of $-0.0300 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.1700 per share according to First Call.

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In looking at where the stock is trading on a technical level, the stock is trading -23.4074% away from its 50-day moving average of $0.3506.  Based on the most recent available data, the equity is -82.6774% off of its 52-week high of $1.5500 and +3.2692% away from its 52-week low which is $0.2600.

Today, the stock opened at $0.3200 and the last bid at the time of writing stood at $0.2685.  During the session thus far, the equity dipped down to $0.2600 and touched $0.3200 as the high point.  Apricus Biosciences, Inc. (NASDAQ:APRI) has a market cap of $17.81M and has seen an average daily volume of 782100 over the past three months.

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