Acura Pharmaceuticals conducts reverse stock split

PALATINE - Acura Pharmaceuticals will conduct a 1-for-5 reverse stock split of its common stock on Aug 27.

The reverse stock split is intended to increase the market price per share of the company's common stock to allow the company to maintain its listing on the Nasdaq Capital Market. The company's stock will continue to trade on Nasdaq under the symbol "ACUR."

The reverse stock split will reduce the number of shares of the company's common stock approximately 59 million shares to approximately 11.8 million shares. Proportionate adjustments will be made to the per share exercise price and the number of shares of common stock that may be purchased.

The board of directors approved the reverse split after stockholders at a special meeting approved an amendment to the company's certificate of incorporation to effect the reverse stock split at one of five ratios.

Acura's stock will begin trading on a split-adjusted basis on Aug. 28.