Dear CLVS Stock Fans, Mark Your Calendars for July 7
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Clovis Oncology (NASDAQ:CLVS) stock is heading higher on Friday and investors will want to watch the company’s shares when July 7 rolls around!
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 Exchange.
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.”
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