2023-03-24 10:55:06 ET
- Akebia Therapeutics ( NASDAQ: AKBA ) is down 5% Friday morning after filing a revised proxy statement for an April share holder meeting where a reverse stock split will be voted on.
- The split is necessary for the biotech to regain compliance with the Nasdaq's minimum bid price and avoid delisting.
- Also, stockholders will vote on whether proportionally decrease the number of authorized shares of common stock and double the resulting number of shares of common stock if the reverse stock split and the proportional decrease in authorized shares is approved.
- Akebia ( AKBA ) shares plunged earlier in March following the release of its 2023 financial outlook .
For further details see:
Akebia down 5% following revised proxy statement for shareholder meeting