HAIKOU, China - China Pharma Holdings Inc. (NYSE American: CPHI), a specialty pharmaceutical company, has announced a 1-for-5 reverse stock split of its common stock to take effect on March 6, 2024. The company's common stock will continue to trade on the NYSE American with the ticker symbol "CPHI" and a new CUSIP number of 16941T-302.
This corporate action was approved by the Board of Directors on October 16, 2023, and ratified by stockholders at the Annual Meeting for the fiscal year ended December 31, 2022, which took place on December 17, 2023.
The reverse stock split will convert every five shares of issued and outstanding common stock into one share of common stock. No fractional shares will be issued; instead, shareholders will receive a rounded-up whole share in place of any fractional share that would have been created by the split.
The reverse stock split is intended to be applied uniformly to all stockholders, and it will not change any stockholder's percentage interest in the company's outstanding common stock, except for minimal adjustments due to the treatment of fractional shares.
China Pharma Holdings specializes in the development, manufacture, and marketing of pharmaceutical products aimed at high-incidence and high-mortality conditions prevalent in China, such as cardiovascular, CNS, infectious, and digestive diseases.
The company emphasizes a cost-effective business model, market demand, and has newly certified GMP product lines. China Pharma has an extensive distribution network across China and operates through its wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., located in Haikou City, Hainan Province.
The information regarding the reverse stock split is based on a press release statement from China Pharma Holdings, Inc. The company has cautioned that certain statements in the press release are forward-looking and subject to risks and uncertainties that could cause actual results to differ from those projected.
These risks include financial performance, product demand, market competition, economic conditions in China, and research and development levels.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.