Date: August 1, 2024
SOLANA BEACH, Calif.- Evoke Pharma, Inc.(NASDAQ: EVOK), a pioneering specialty pharmaceutical company, announced today that its board of directors has approved a 1-for-12 reverse stock split of the company’s common stock.This strategic move aims to enhance shareholder value and solidify Evoke Pharma’s position in the market focused primarily on treatments for gastrointestinal (GI) diseases, with an emphasis on its flagship product, GIMOTI® (metoclopramide) nasal spray.
The reverse stock split is set to take effect at 12:01 a.m.Eastern time on August 1, 2024.As a result, Evoke Pharma’s common stock is expected to begin trading on a split-adjusted basis on The Nasdaq Capital Market, under the same symbol (EVOK), when the market opens on the same day, with the new CUSIP number 30049G302.
A major reason behind implementing the reverse stock split is to drive enhanced financial flexibility for Evoke Pharma and its shareholders.By reducing the number of outstanding shares, the company aims to increase the share price, making it more attractive to institutional and individual investors alike.The reverse stock split is an opportunity for Evoke Pharma to present an image of stability and growth in the highly competitive pharmaceutical industry.
To put this news into perspective, prior to the reverse stock split, Evoke Pharma had 3.34307 million shares outstanding, with a current price of $0.5 per share.As a result of the reverse split, every twelve shares of Evoke Pharma’s common stock will be merged into one, reducing the number of outstanding shares significantly.Consequently, the new share price will be adjusted accordingly, potentially incentivizing new investments besides appealing to the existing shareholders.
This strategic move follows Evoke Pharma’s commitment to optimizing shareholder value.It is important to note that the success of GIMOTI®, a nasal spray designed to relieve symptoms associated with acute and recurrent diabetic gastroparesis, plays a significant role in the company’s overall market position.
The approval of the 1-for-12 reverse stock split sends a positive signal to the market, highlighting Evoke Pharma’s determination to take strategic steps forward despite challenges posed by the COVID-19 pandemic and the constantly evolving pharmaceutical industry.The move not only demonstrates the company’s commitment to long-term growth but also reflects its confidence in GIMOTI®’s potential to revolutionize GI disease treatments.
By leveraging this reverse stock split, Evoke Pharma aims to attract institutional investors, increase stock liquidity, and enhance shareholder value.The company recognizes that this shareholder value enhancement strategy aligns with its mission to deliver innovative pharmaceutical solutions that address unmet medical needs in gastroenterology.
As we enter a new era for Evoke Pharma, this strategic move is poised to position the company for success, opening up new opportunities and reinforcing its commitment to transforming the treatment landscape for GI diseases.
About Evoke Pharma, Inc.
Evoke Pharma, Inc.is a specialty pharmaceutical company focused primarily on gastrointestinal (GI) diseases.The company is committed to delivering innovative solutions to address unmet medical needs and enhance patients’ lives.Evoke Pharma’s flagship product, GIMOTI® (metoclopramide) nasal spray, is designed to relieve symptoms associated with diabetic gastroparesis.For additional information, please visit the company’s website at www.evokepharma.com.
Press Contact:John SmithDirector of CommunicationsEvoke Pharma, Inc.Phone: (123) 456-7890Email: jsmith@evokepharma.com
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