Karyopharm implementing 1-for-15 reverse stock split

Karyopharm (KPTI) will implement a 1-for-15 reverse stock split of the issued shares of the company’s common stock effective at 5:00 p.m. Eastern Time on February 25. The Reverse Stock Split was approved by the company’s stockholders at the company’s Special Meeting of Stockholders on January 30. One of the primary goals of the reverse stock split is to increase the per-share market price of the company’s common stock to enable the company to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. The company’s common stock is expected to begin trading on a split-adjusted basis when the markets open on February 26 under the company’s existing trading symbol “KPTI” with the new CUSIP number 48576U 205. This will reduce the number of issued and outstanding shares of common stock from approximately 126.2 million shares to approximately 8.4 million shares. The reverse stock split will proportionately reduce the number of authorized shares of the company’s common stock from 800,000,000 shares to 53,333,333 shares. No fractional shares will be issued. Instead, each stockholder will be entitled to receive a cash payment in lieu of a fractional share.