ACOR ..... Go tell the Directors to go Sh8t in a riverThey are jerking this all over the place.... I say it's all a bunch of Bull sh8t.... I still don't have a position.
Maddapakkas......want all of you out ; )
Acorda Therapeutics Withdraws Proposal to Increase Authorized Shares from Special Meeting of Stockholders
2022-10-10 03:30 ET - News Release
PEARL RIVER, N.Y. -- (Business Wire)
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that the company has withdrawn Proposal One, a request to increase the number of authorized shares of Acorda stock, from the ballot for the Special Meeting of Stockholders scheduled for November 4, 2022.
Proposal Two, authorization of a Reverse Stock Split, remains on the ballot. This proposal would give Acorda's Board of Directors the ability to implement a reverse stock split of Acorda's stock. Proposal Three, the Adjournment Proposal, to allow the Company to adjourn and reconvene the Special Meeting to have additional time to solicit proxies, will also remain on the ballot.
"We have concluded that it is not in the best interests of shareholders to request an increase in authorized shares at this time," said Ron Cohen, M.D., Acorda's President and Chief Executive Officer. "However, the proposal to implement a reverse split of Acorda's stock remains critical to ensure that we can get the stock price above $1.00, which would prevent the company from being delisted by Nasdaq. If that were to occur, we could be in default on our obligations to our debtholders and may be required to declare bankruptcy or liquidate, which would be adverse to the interests of shareholders and patients. It's important to note that a reverse split will not change the value or ownership interest of any shareholder's position in Acorda, and the Board of Directors urges shareholders to vote 'For' that proposal."