Tracon Pharmaceuticals announces 1-for-20 reverse stock split

TRACON Pharmaceuticals announced that, following stockholder approval at the special meeting of stockholders held on September 6, 2023 of a proposal authorizing the board of directors of the Company to amend the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock at a ratio in the range of one-for-five to one-for-twenty, the Company’s Board today approved a reverse stock split of the Company’s common stock at a ratio of one-for-twenty. The effective time of the reverse stock split is 5:00 p.m. ET on April 9, 2024. Shares of the Company’s common stock will begin trading on a split-adjusted basis commencing upon market open on April 10, 2024. As a result of the reverse split, each 20 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share, and there are now approximately 2.6 million shares of common stock issued and outstanding. The shares of the Company’s common stock will trade under a new CUSIP number, 89237H308, effective April 10, 2024, and continue to be listed on the Nasdaq Capital Market under the symbol “TCON“. All stock options and warrants of the Company outstanding immediately prior to the reverse stock split have been proportionally adjusted.