Opexa Therapeutics Board Approves 1-for-8 Reverse Stock Split - Quick Facts

(RTTNews) - Opexa Therapeutics, Inc. (OPXA), a biopharmaceutical company developing personalized immunotherapies for autoimmune disorders including multiple sclerosis and neuromyelitis optica, Monday said its Board of Directors approved a 1-for-8 reverse stock split of its common stock which will become effective immediately following the close of trading September 28.

The consolidated common shares will begin trading on a split-adjusted basis on September 29, on the NASDAQ Capital Market.

The company's shareholders approved the reverse stock split at its annual meeting of shareholders on August 28, which is being implemented to maintain the listing of its common stock on the NASDAQ Capital Market.

Opexa received a deficiency notice from NASDAQ in December 2014 and, following a 180-day cure period, received an additional 180 days from NASDAQ in June 2015 to regain compliance with the minimum bid price requirement.

To regain compliance, the closing bid price of the company's common stock must be at least $1.00 per share for a minimum of ten consecutive business days before November 30.

The reverse split reduced the number of shares of Opexa's outstanding common stock from 54.3 million shares to 6.8 million shares.