Assertio Holdings announces reverse stock split

LAKE FOREST - Assertio Holdings Inc. Monday said it has implement a one-to-four reverse split of its issued and outstanding common stock. The reverse split will become effective when the Nasdaq stock market opens on Tuesday, May 18.

Every four shares of the company's issued and outstanding common stock will automatically be converted into one share of common stock, without any change in the par value per share, the company said.

The principal reason for the reverse split is to give the board discretion to increase the per-share trading price of the company's common stock to meet the minimum bid price requirements for continued listing on Nasdaq, Assertio said.

Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse split and will not be required to take further action, subject to brokers' particular processes, the company said.

Assertio is a commercial pharmaceutical company a diversified portfolio of branded prescription products in three areas: neurology, hospital, and pain and inflammation.