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Additional information concerning the reverse stock split can be found in the Company’s definitive Information Statement on Schedule 14C filed with the Securities and Exchange Commission on August 22, 2022.Īvenue received the official meeting minutes from the FDA regarding a meeting conducted on August 9, 2022, for IV Tramadol. Beneficial holders are encouraged to contact their bank, broker or other nominee with any procedural questions. We do not expect that stockholders holding their shares in book-entry form or through a bank, broker or other nominee need to take any action in connection with the reverse stock split.

The Company is simultaneously effecting a reduction in the number of authorized shares of common stock from 50,000,000 to 20,000,000.Īvenue’s transfer agent, VStock Transfer, LLC, which is also acting as the exchange and paying agent for the reverse stock split, will provide instructions to stockholders regarding the process for exchanging physical share certificates. The reverse stock split is primarily intended to bring the Company into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. After the effectiveness of the reverse stock split, we expect that the number of outstanding shares of common stock will be reduced from approximately 22.7 million to approximately 1.5 million, subject to adjustment to give effect to the treatment of any fractional shares that stockholders would have received in the reverse stock split. Avenue’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “ATXI” following the reverse stock split, with a new CUSIP number of 05360元04.