On July 14, 2022, the holders of a majority of the Company’s outstanding shares of common stock approved the reverse stock split and gave the Company’s board of directors discretionary authority to select a ratio for the split ranging from one-for-five (1:5) to one-for-fifteen (1:15). The reverse stock split will also apply to common stock issuable upon the exercise of Vyant Bio’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under the Company’s equity incentive plans. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-split shares of the Company’s common stock not evenly divisible by five will instead receive a cash payment based on the closing price of the Company’s common stock on the five consecutive days leading up to the effective date of the reverse split. No fractional shares will be issued in connection with the reverse stock split. ![]() The number of outstanding shares of common stock is expected to be reduced from 29,412,798 shares issued and outstanding as of October 31, 2022, to approximately 5,882,559 shares. As a result of the reverse stock split, every five pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the shareholders. ![]() The reverse stock split is intended to increase the per share trading price of Vyant Bio’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (Nasdaq Listing Rule 5550(a)(2)). Vyant Bio’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “VYNT” and under a new CUSIP number, 92942V208. This will become effective for trading purposes as of the commencement of trading on Wednesday, November 2, 2022. Today, Vyant Bio announced that the Company will effect a 1-for-5 (1:5) reverse stock split of its outstanding common stock. The Company’s proprietary central nervous system (“CNS”) drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. (“Vyant Bio” or “Company”) (Nasdaq: VYNT) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. 01, 2022 (GLOBE NEWSWIRE) - Vyant Bio, Inc. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Read More: Penny Stocks - How to Profit Without Getting Scammed If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that ’s writers disclose this fact and warn readers of the risks. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. A 1-for-25 reverse split will bring shares to about $1.50, satisfying the minimum price requirement. Shares of MULN stock are currently trading for approximately 6 cents. No action is required for shareholders relating to the reverse split. Instead, all fractional shares will be rounded up to the nearest whole share. In the reverse split announcement, Mullen noted that it would not provide fractional shares sustained as a result of the reverse split. ![]() The rebalanced Russell 2000, with all of its new constituents, will take effect at the end of the day on June 23. Updates will also be provided on May 26, June 2, June 9, June 16 and June 23. On May 19, preliminary results of the portfolio reconstitution will be revealed. Mullen appears to have failed to satisfy both of these requirements. If a stock’s price is less than $1 on rank day, the stock can still be eligible for inclusion if its average closing price over the past 30 days was at least $1 per share. Rank day is when member stocks are screened for a minimum $1 price. The index held its 2023 rank day on April 28. Mullen is also a member of the Russell 2000, which also has a minimum $1 price requirement. MULN Stock: Mullen Announces 1-for-25 Reverse Stock Split
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