TXMD - TherapeuticsMD plunges as reverse stock split takes effect

The shares of TherapeuticsMD (NASDAQ:TXMD) have lost ~17% in the pre-market after the women’s healthcare company announced a 1-for-50 reverse stock split on Monday. The Reverse Stock Split took effect on May 06, 2022, at 5:01 p.m. EST following the submission of an amended and restated articles of incorporation with regulators in Nevada last week, TherapeuticsMD (TXMD) said in an SEC filing on Monday. As a result, every 50 shares of its common stock were converted into one share of common stock and the authorized shares of common stock dropped to 12 million from 600 million shares, the company added. Citing a legal provision, TherapeuticsMD (TXMD) said that the reverse stock split did not require the approval of the company’s stockholders.

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TherapeuticsMD plunges as reverse stock split takes effect