Karyopharm Therapeutics Inc. (KPTI), Monday announced that it will implement a 1-for-15 reverse stock split on February 25, 2025, following stockholder approval on January 30. The move aims to boost the stock's per-share price to maintain Nasdaq listing compliance.
Karyopharm's common stock will trade on a split-adjusted basis under "KPTI" starting February 26, 2025, with a new CUSIP number 48576U 205.
At the effective time of the Reverse Stock Split, every 15 shares of Karyopharm's common stock will be combined into one, reducing outstanding shares from approximately 126.2 million to 8.4 million. Authorized shares will decrease from 800 million to 53.3 million. Proportionate adjustments will be made to equity plans, outstanding awards, warrants, and convertible notes as outlined in the company's proxy statement.
No fractional shares will be issued in the Reverse Stock Split. Stockholders entitled to fractional shares will receive a cash payment instead.
Computershare Trust Company, N.A. is serving as the exchange and transfer agent for the Reverse Stock Split. Stockholders holding shares electronically need not take any action, while those with shares through banks or brokers will have their positions adjusted automatically and receive cash for any fractional shares per their institution's process.
KPTI is currently trading at $0.5923 or 1.02% lower on the Nasdaq Global Select Market.
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