Core Viewpoint - Onconetix, Inc. has announced the approval of a 1-for-40 reverse stock split by its stockholders and Board of Directors, effective September 24, 2024, as part of its efforts to comply with Nasdaq listing requirements [1][4]. Summary by Relevant Sections Annual Meeting Results - Stockholders approved the election of Timothy Ramdeen and Ajit Singh as Class III directors for a three-year term [2]. - Amendments to the 2022 Equity Incentive Plan were approved, increasing the number of shares from 3,150,000 to 58,000,000 [2]. - The Board was granted discretion to effect a reverse stock split at a ratio between 1-for-30 and 1-for-60 [2]. - Approval was given for the issuance of up to 5,709,935 shares upon conversion of Series A Preferred Stock [2]. - Approval was also granted for the issuance of shares related to Series B Preferred Stock and a $5 million private placement financing [2]. - The appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified [2]. Reverse Stock Split Details - The reverse stock split will convert every 40 shares into one share, effective at 12:01 a.m. Eastern Time on September 24, 2024 [4][5]. - The split aims to help the company meet the minimum bid price requirement of $4.00 per share for Nasdaq listing [4]. - Post-split, the number of outstanding shares will decrease from approximately 30.2 million to about 755,000 [6]. Company Overview - Onconetix, Inc. focuses on innovative solutions for men's health and oncology, including the Proclarix diagnostic test for prostate cancer and ENTADFI, an FDA-approved treatment for benign prostatic hyperplasia [7].
Onconetix, Inc. Announces 1-for-40 Reverse Stock Split and Results of the Annual Meeting of Stockholders