Acorda Therapeutics Announces Completion of 1-for-20 Reverse Stock Split

On June 2, 2023 Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported that it has completed the previously announced 1-for-20 reverse stock split of its outstanding and authorized shares of common stock (Press release, Acorda Therapeutics, JUN 2, 2023, View Source [SID1234632383]). The reverse stock split became effective at 4:01 p.m. Eastern Time today, and the Company’s common stock will begin trading on a split-adjusted basis at the market open on June 5, 2023. The reverse stock split was effected to enable the Company to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on The Nasdaq Global Select Market.

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On November 11, 2022, the Company’s stockholders authorized the board of directors to effect a reverse stock split by a ratio of any whole number in the range of 1-for-2 to 1-for-20 and a corresponding reduction in the number of authorized shares of common stock. The board of directors subsequently approved the reverse stock split and authorized the filing of the Company’s amended and restated certificate of incorporation, as previously announced on May 31, 2023.

The Company’s common stock will continue to trade under the symbol "ACOR," and the new CUSIP number for the Company’s common stock following the reverse stock split is 00484M700.

Stockholders owning shares of common stock via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to their brokers’ particular processes.