Relief Therapeutics (OTCMKTS:RLFTF) Stock Gains After Results of Extraordinary General Meeting of Shareholders
Relief Therapeutics (OTCMKTS:RLFTF), a biopharmaceutical company, committedto delivering innovative treatment options for those suffering from rare diseases, on April 28, 2023, announced the results of an extraordinary general meeting held in Geneva. The company confirmed that all proposals were approved by a large majority of shareholders.
Trading Data
On Friday, RLFTF stock surged 5.88% to $0.0180 with 2.75 million shares, compared to volume of 1.02 million shares. The stock moved within a range of $0.0137 – 0.0200 after opening trade at $0.0149.
Relief Therapeutics Announces Results of Extraordinary General Meeting of Shareholders
The company confirmed that a total of 1,577,756,472 shares were represented by shareholders at the EGM both on-siteas well as by independent proxy. It also said that shareholders approved consolidation (or reverse split) of Relief Therapeutics’ ordinary shares for a ratio of 400 to 1. Furthermore, they approved the replacement of authorized capital by the capital band.
Jack Weinstein, chief executive officer of Relief Therapeutics appreciated the support of fellow shareholders. The CEO added that the share consolidation is critical in bringing the company closer to the goal of listing on the Nasdaq. Weinstein further stated that listing on the U.S. exchange will expand the shareholder base providing greater financial flexibility and higher liquidity.
The reverse split is aimed at augmenting the quoted market per share price of its ordinary shares to a high single-digit price. There is no assurance on the part of Nasdaq to approveRelief Therapeutics’ listing application. The share consolidation is expected to start in May 2023 and a detailed timetable will be communicated through a press release in advance.
