2023-04-14 09:09:57 ET
- Kidney-disease drug developer Akebia Therapeutics ( NASDAQ: AKBA ) lost ~5% pre-market Friday after announcing a decision to implement a reverse stock split.
- The move is aimed at regaining compliance with the Nasdaq listing rule related to the minimum bid price and avoiding potential delisting.
- The company expects to hold a stockholder information session on Apr. 21 ahead of a special meeting of stockholders scheduled for May 04 , where multiple proposals, including the reverse stock split, will be put to a shareholder vote.
- On Tuesday, Akebia ( AKBA ) shares added ~8% after adjourning the special meeting in response to inadequate shareholder votes.
- Read: Seeking Alpha contributor Fade The Market issued a Sell rating on AKBA in October, citing a string of setbacks and an "empty" pipeline except for its kidney disease candidate Vadadustat.
For further details see:
Akebia slips on plans for reverse stock split