ACOR - Acorda stock rise 11% as proposal to increase shares withdrawn; reverse split still on vote

• Acorda Therapeutics ( NASDAQ: ACOR ) said it withdrew a proposal  requesting to increase the number of company's authorized shares.
• The company is scheduled to hold a special meeting of stockholders on Nov. 4, where several proposals would be put to vote.
• Meanwhile, a proposal for authorization of a reverse stock split remains on the ballot and the board has asked the shareholders to vote in favor of the request, the company said in an Oct. 10 press release.
• "However, the proposal to implement a reverse split of Acorda's stock remains critical to ensure that we can get the stock price above $1.00, which would prevent the company from being delisted by Nasdaq. If that were to occur, we could be in default on our obligations to our debtholders and may be required to declare bankruptcy or liquidate, which would be adverse to the interests of shareholders and patients," said Acorda's President and CEO Ron Cohen.
• ACOR +10.81% to $0.41 premarket Oct. 10

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