MORRISVILLE — Tenax Therapeutics Inc., a Morrisville, North Carolina company that is developing new drugs, will hold a shareholder’s meeting Feb. 15 to vote on a reverse stock split, according to a Securities and Exchange Commission filing.
The reverse stock split will be at a ratio greater than 1-for-5 and less than 1-for-50. Stock consolidations raise per share prices. The ratio and time of implementation will be determined by its company’s board of directors.
The meeting will be held at the company’s headquarters.
NASDAQ notified the company in September 2017 that its stock could be delisted unless it met the minimum requirement of $1 per share. It has until March 12 to regain compliance or be delisted.
The company’s share fell below $1 on Jan. 31, 2017, after the unsuccessful trial of a heart medication.
Its share price was at 38 cents Wednesday at 2 p.m.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
