Summary by Moomoo AI
On March 6, 2024, Avenue Therapeutics, Inc. announced that a majority of its capital stock's voting power approved a discretionary grant to its board of directors to effectuate a reverse stock split. The approved range for the reverse stock split is between 30-for-1 and 75-for-1, with the board authorized to determine the exact ratio. The decision was made through a written consent signed by holders of 3,133,886 shares of common stock and 250,000 shares of Class A Preferred Stock. This represents approximately 56% of the voting power as of the consent date. The board also approved the reverse stock split and will file an amendment to the company's Third Amended and Restated Certificate of Incorporation with the Delaware Secretary of State. A Schedule 14C information statement will be filed with the SEC and provided to the company's stockholders.