MEI Pharma announces 1-for-20 reverse stock split

MEI Pharma announced that its board of directors approved a 1-for-20 reverse stock split. The company’s common stock will open for trading on the Nasdaq Capital Market on Monday, April 17, 2023 on a split-adjusted basis under the current trading symbol "MEIP." The reverse stock split was approved by MEI’s stockholders on January 5, 2023, and is intended to increase the per share trading price of the company’s common stock to enable the company to satisfy the minimum bid price requirement for continued listing on Nasdaq. The 1-for-20 reverse stock split will automatically convert 20 current shares of MEI’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of MEI’s common stock will receive a cash payment in lieu thereof, at a price equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of MEI’s common stock on Nasdaq on Friday, April 14, 2023. The reverse split will reduce the number of shares of outstanding common stock from approximately 133,260,865 shares to approximately 6,663,043 shares. Proportional adjustments also will be made to the exercise prices of MEI’s outstanding stock options and warrants, and to the number of shares issued and issuable under MEI’s stock incentive plan.