Adamis Pharma slips 19% on plans for reverse stock slip
May 19, 2023 12:34 PM ETAdamis Pharmaceuticals Corporation (ADMP)By: Dulan Lokuwithana, SA News Editor
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- Adamis Pharmaceuticals (NASDAQ:ADMP) fell ~19% on Friday after announcing plans to effect a 1-for-70 reverse stock split of its common stock from next week.
- Accordingly, the reverse stock split will take effect on May 22, 2023, at 12:01 a.m., and Adamis (ADMP) shares will begin trading on a split-adjusted basis when the market opens on May 22, 2023.
- The San Diego, California-based pharma said the decision, cleared by its shareholders and board, is intended to increase its share price and regain compliance with the Nasdaq listing requirement for the minimum bid price.
- Adamis (ADMP) shares must reach at least $1.00 per share for a minimum of ten consecutive business days by June 26, 2023, to meet the minimum bid requirement.
- The reverse stock split is also a closing condition in the previously disclosed merger agreement between Adamis (ADMP) and privately held clinical-stage biotech DMK Pharmaceuticals.