Sunshine Biopharma enacts 1-for-20 reverse stock split By Investing.com

Sunshine Biopharma, Inc., a Colorado-based pharmaceutical company, announced a significant change to its capital structure. Effective as of last Wednesday, the company executed a 1-for-20 reverse split of its common stock. The reverse stock split became effective in the market on Thursday, August 8, 2024.

The decision to implement a reverse stock split was made public through a filing with the Securities and Exchange Commission (SEC). This strategic move altered the number of shares in circulation, consolidating every twenty shares of issued and outstanding common stock into one single share. The reverse split was enacted through a certificate of amendment to Sunshine Biopharma’s articles of incorporation, which was filed with the Secretary of State of Colorado.

Sunshine Biopharma, trading on The Nasdaq Stock Market LLC under the ticker symbol NASDAQ:SBFM for its common stock and NASDAQ:SBFMW for its common stock purchase warrants, has taken this step as part of its corporate strategy. The company, identified by its central index key (CIK) number 0001402328, has not provided additional details regarding the rationale behind the reverse stock split in the SEC filing.

The company’s CEO, Dr. Steve N. Slilaty, signed off on the filing, which was dated today, Monday, August 12, 2024. The report did not disclose any immediate financial implications of the reverse stock split, nor did it include forward-looking statements about the company’s performance.

In other recent news, Sunshine Biopharma, a pharmaceutical company based in Florida, has announced the full exercise of all Series A Warrants issued in 2024. This development is part of the company’s capital raising efforts, potentially leading to an increased number of outstanding shares. On another front, Sunshine Biopharma’s subsidiary, Nora Pharma, has received approval from Health Canada to commercialize its biosimilar drug, NIOPEG®, aimed at reducing infection in non-myeloid cancer patients undergoing chemotherapy.

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