So what’s the big news coming for CLVS stock next week? The company is holding an annual shareholder meeting next Friday. This comes as the company seeks shareholder approval for two major proposals during that meeting.
The first of these proposals is a reverse stock split. Clovis Oncology wants shareholders to approve this so that it can bump up the price of its shares and avoid a possible delisting from the Nasdaq Exchange.
The second proposal that Clovis Oncology wants approval for is reducing its total number of shares. Yet again, this is part of the company’s effort to avoid delisting on the Nasdaq.
Here’s what Clovis Oncology warns could happen if shareholders don’t approve these two proposals.
“The potential delisting of our common stock if we do not remain in compliance with the Nasdaq requirement that our common stock trade above $1 per share would constitute a Fundamental Change under our convertible notes indentures, triggering the immediate right of holders of the notes to require us to repurchase up to $443 million in principal amount of such debt, an amount that we would be unable to pay and resulting in the potential loss of all stockholder value.”
The news from CLVS stock has shares experiencing heavy trading. This has more than 37 million shares of the stock on the move as of this writing. That’s already well above its daily average trading volume of about 12.4 million shares.
CLVS stock is up 21.7% as of Friday afternoon.
There’s more stock market news worth checking out below!
We’ve got all of the hottest stock news for traders to catch up on for Friday! A few examples include why shares of iShares Silver Trust (NYSEARCA:SLV), Mullen Automotive (NASDAQ:MULN) and Revlon (NYSE:REV) stock are on the move today. You can read all about this at the links below!
More Friday Stock Market News
- SLV ETF: Silver Prices Drag Down the iShares Silver Trust
- Mullen (MULN) Stock Reverses Higher Despite Absence of Fortune 500 Info
- REV Stock Moves Amid Revlon Bankruptcy, Short Squeeze Hopes
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.