On April 27, 2012 Manhattan Pharmaceuticals, Inc. (OTCQB:TGTX) reported that is has filed a Certificate of Amendment to its Certificate of Incorporation to change its name from Manhattan Pharmaceuticals, Inc. to TG Therapeutics, Inc. and also to implement a 1 for 56.25 reverse stock split (Press release, TG Therapeutics, APR 27, 2012, View Source [SID:1234510711]). The Board of Directors along with a majority of the shareholders voted for these amendments at the Annual Meeting of Stockholders which took place on April 16, 2012.
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The name change from Manhattan Pharmaceuticals, Inc. to TG Therapeutics, Inc. and the reverse stock split will take effect at 12:01 am on April 30, 2012. As a result of the reverse stock split, every 56.25 shares of the Company’s pre split common stock will be converted into one share of post-split common stock. No fractional shares of common stock will be issued as a result of the split. Shareholders of pre-split common stock who would be entitled to receive a fractional share as a result of the reverse stock split will be entitled to round such fractional value up to the nearest whole number. The reverse split will affect all stockholders uniformly, with the exception of adjustments related to fractional shares, and will have no effect on the par value of the common stock.
The split adjusted shares of common stock will begin trading on April 30, 2012 under the symbol "TGTXD" with a "D" added for a period of 20 trading days to provide notice of the reverse stock split. After this period, the symbol will revert back to "TGTX." TG Therapeutics’ transfer agent, American Stock Transfer & Trust Company, will act as the exchange agent for the reverse split and will send instructions to stockholders of record regarding the exchange of outstanding stock certificates for new post-split stock certificates.