Optinose announces a 1-for-15 reverse stock split effective December 30, 2024, to maintain Nasdaq listing compliance.
Quiver AI Summary
Optinose, Inc. announced that it will implement a 1-for-15 reverse stock split effective December 30, 2024, at 5:00 p.m. EST, in order to regain compliance with Nasdaq's minimum closing bid price requirement of $1.00. The action was approved by stockholders at a special meeting on December 23, 2024, and will reduce the total outstanding shares from approximately 150.8 million to about 10.1 million. The reverse stock split will not affect stockholders' ownership percentages, except for cash adjustments for fractional shares. All outstanding options and warrants will be adjusted, and no changes will be made to the par values or authorized shares of common and preferred stock. Broadridge Corporate Issuer Solutions, Inc. will handle the stock exchange process for shareholders. For more information, shareholders can refer to Optinose's Definitive Proxy Statement filed with the SEC.
Potential Positives
- The approval of the 1-for-15 reverse stock split by stockholders demonstrates shareholder support for the company's strategy to regain compliance with Nasdaq listing requirements.
- The reverse stock split aims to increase the per-share trading price of Optinose's stock, which may help attract institutional investors who often have minimum price requirements for investment.
- Implementing the reverse stock split enhances the company's ability to maintain its listing on the Nasdaq, which can improve the company's visibility and credibility in the market.
- The methodical approach to effecting the reverse split, including clear communication and uniform impact on stockholders, reflects positively on the company's corporate governance practices.
Potential Negatives
- The announcement of a 1-for-15 reverse stock split indicates that Optinose is struggling to maintain compliance with Nasdaq's minimum bid price requirement of $1.00, which may raise concerns among investors about the company's financial health.
- Reverse stock splits are often perceived negatively by investors, as they can signal underlying issues such as a declining share price, potentially leading to decreased investor confidence.
- This restructuring action may indicate a lack of growth or success in the company's strategic initiatives, prompting concerns about its future performance and viability.
FAQ
What is the date of Optinose's reverse stock split?
Optinose's reverse stock split will take effect on December 30, 2024, at 5:00 p.m. EST.
What is the split ratio for Optinose's stock split?
The reverse stock split will be executed at a 1-for-15 ratio.
How will the reverse stock split affect share ownership?
The reverse stock split will not affect stockholders' ownership percentages, except for fractional shares which will be compensated in cash.
Will the number of authorized shares change after the split?
No, the reverse stock split will not reduce the number of authorized shares of common or preferred stock.
Where can I find more information about the reverse stock split?
More information is available in Optinose’s Definitive Proxy Statement filed with the SEC, accessible on their website or at www.sec.gov.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPTN Insider Trading Activity
$OPTN insiders have traded $OPTN stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.
Here’s a breakdown of recent trading of $OPTN stock by insiders over the last 6 months:
- MICHAEL F III MARINO (Chief Legal Officer & Corp Sec) has traded it 3 times. They made 0 purchases and 3 sales, selling 55,684 shares.
- RAMY A MAHMOUD (Chief Executive Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 120,921 shares.
- ANTHONY J KRICK (Chief Accounting Officer) sold 6,845 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OPTN Hedge Fund Activity
We have seen 23 institutional investors add shares of $OPTN stock to their portfolio, and 63 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. removed 4,495,734 shares (-85.2%) from their portfolio in Q3 2024
- STONEPINE CAPITAL MANAGEMENT, LLC added 3,338,580 shares (+142.1%) to their portfolio in Q3 2024
- NANTAHALA CAPITAL MANAGEMENT, LLC added 937,963 shares (+7.0%) to their portfolio in Q3 2024
- GREAT POINT PARTNERS LLC removed 865,961 shares (-6.3%) from their portfolio in Q3 2024
- ROSALIND ADVISORS, INC. added 740,355 shares (+9.8%) to their portfolio in Q3 2024
- J. GOLDMAN & CO LP added 675,000 shares (+inf%) to their portfolio in Q3 2024
- FMR LLC added 518,610 shares (+3.2%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
YARDLEY, Pa., Dec. 26, 2024 (GLOBE NEWSWIRE) --
Optinose, Inc. (NASDAQ: OPTN)
, a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today announced that it will effect a 1-for-15 reverse stock split at 5:00 p.m. Eastern Standard Time, on December 30, 2024. Beginning with the opening of trading on December 31, 2024, Optinose’s common stock will trade on the Nasdaq Global Select Market (“Nasdaq”) on a split-adjusted basis under a new CUSIP number 68404V209 and Optinose’s existing trading symbol “OPTN.”
The reverse stock split is intended to enable Optinose to regain compliance with the $1.00 minimum closing bid price required for continued listing on Nasdaq.
At a special meeting of stockholders held on December 23, 2024, Optinose’s stockholders approved the proposal to authorize Optinose’s Board of Directors (the “Board”) to file an amendment to Optinose’s fourth amended and restated certificate of incorporation (the “Certificate of Incorporation”) to effect a reverse stock split within a range of 1-for-10 to a maximum of 1-for-100. The specific 1-for-15 ratio was subsequently approved by the Board and the reverse stock split will be effected by filing a Certificate of Amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware. No further action is required by any stockholders in connection with approving or effecting the reverse stock split.
The reverse stock split will affect all issued and outstanding shares of Optinose’s common stock. At the effective time of the reverse stock split, the number of shares of common stock issued and outstanding will be reduced from 150,829,507 shares to approximately 10,055,300 shares. All outstanding options and warrants entitling their holders to purchase shares of Optinose’s common stock will be adjusted as a result of the reverse stock split, as required by the terms of each security. The number of shares reserved for future issuance pursuant to Optinose’s 2010 Stock Incentive Plan and the number of shares reserved for future issuance pursuant to Optinose’s 2017 Employee Stock Purchase Plan also will be appropriately adjusted. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of Optinose’s shares (except to the extent that the reverse stock split would result in some of the stockholders receiving cash in lieu of fractional shares). Stockholders will receive cash in lieu of fractional shares based on the closing price per share of Optinose’s common stock as quoted on Nasdaq on December 30, 2024. The reverse stock split will not reduce the number of authorized shares of common stock or preferred stock or change the par values of Optinose’s common stock (which will remain at $0.001 per share) or preferred stock (which will remain at $0.001 per share).
Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”) is acting as the exchange agent and transfer agent for the reverse stock split. Broadridge will provide instructions to stockholders with physical certificates regarding the process for exchanging their pre-split stock certificates for post-split shares in book-entry form and receiving payment for any fractional shares.
Additional information about the reverse stock split can be found in Optinose’s Definitive Proxy Statement filed with the Securities and Exchange Commission (“SEC”) on December 12, 2024. The Proxy Statement is available at www.sec.gov or at Optinose’s website at
www.optinose.com
.
About Optinose
Optinose is a specialty pharmaceutical company focused on serving the needs of patients cared for by ear, nose and throat (ENT) and allergy specialists. To learn more, please visit
www.optinose.com
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements concerning, among other things, the reverse stock split and the timing thereof and expectations related thereto; and other statements that are not historical fact.
Optinose may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Optinose’s actual results to differ materially from the results described in or implied by the forward-looking statements. Some factors that may cause Optinose’s actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading “Risk Factors” in Optinose’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), in Optinose’s other filings with the SEC, and in Optinose’s future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Optinose Investor Contact
Jonathan Neely
jonathan.neely@optinose.com
267.521.0531
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
