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United States. Securities and Exchange Commission

RegeneRx Biopharmaceuticals Announces Reverse Stock Split and Plans to Suspend SEC Reporting Obligations

Strategic Insights

— 1 min read

RegeneRx Biopharmaceuticals, Inc. has announced that it has received consents from the holders of 51.07% of the company's common stock in favor of a proposed reverse stock split, which will allow the company to suspend its public reporting obligations under the Securities Exchange Act of 1934. The reverse stock split, which is a 1-for-100 split, is expected to take place on or about August 14, 2023. Following the split, RegeneRx plans to file the requisite Forms 15 to suspend its continued obligations to file reports with the SEC. This move is expected to benefit the company by reducing its reporting requirements, allowing it to focus on its clinical-stage drug development activities.

Key Takeaways:

  • RegeneRx Biopharmaceuticals has received consents from 51.07% of its common stock holders in favor of a proposed reverse stock split, which will allow the company to suspend its public reporting obligations under the Securities Exchange Act of 1934.
  • The reverse stock split will be a 1-for-100 split and is expected to take place on or about August 14, 2023.
  • Following the split, RegeneRx plans to file the requisite Forms 15 to suspend its continued obligations to file reports with the SEC.
  • The company's CEO, J.J. Finkelstein, commented on the proposed reverse stock split, thanking stockholders for voting in favor of the proposal.
  • RegeneRx expects to effect the reverse stock split and file the necessary forms with the SEC promptly after the split.
  • The company will become a non-reporting, privately held company following the suspension of its SEC reporting obligations.

Statistics:

  • 51.07% of RegeneRx common stock holders have given their consents in favor of the proposed reverse stock split (Source: RegeneRx Biopharmaceuticals, Inc.).
  • The proposed reverse stock split is a 1-for-100 split (Source: RegeneRx Biopharmaceuticals, Inc.).
  • RegeneRx plans to file the requisite Forms 15 with the SEC following the reverse stock split (Source: RegeneRx Biopharmaceuticals, Inc.).

Sources:

  • RegeneRx Biopharmaceuticals, Inc., announcement dated August 7, 2023.

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