ROCKVILLE, MD – Theriva Biologics, Inc. (NYSE American: SYN), a pharmaceutical company, has disclosed the conversion of its preferred stock into common shares. On Thursday, the company received a notice from an investor to convert Series C and Series D Convertible Preferred Stock into common stock.
According to the filing with the Securities and Exchange Commission, the holder of 4,138 shares of Series C and 100,000 shares of Series D Convertible Preferred Stock exercised their rights to convert these shares. The conversion resulted in the issuance of 27,316 common shares at a price of $30.50 per share.
Following this transaction, there are no remaining shares of Series C or Series D Convertible Preferred Stock outstanding. This conversion is part of the company's financial activities and has been officially filed as of today.
The event marks a change in the capital structure of Theriva Biologics, which is headquartered at 9605 Medical Center Drive, Suite 270, Rockville, Maryland. The company's business phone is (301) 417-4364.
In other recent news, Theriva Biologics, a pharmaceutical company, has completed a reverse stock split. This action consolidated every twenty-five shares of issued and outstanding common stock into one, reducing the number of outstanding shares from approximately 25.1 million to about 1 million. The company undertook this measure to comply with the NYSE American's minimum share price requirements.
Adjustments will also be made to the per share exercise price and the number of shares issuable under all of Theriva Biologics' outstanding preferred stock, stock options, and warrants to purchase common stock. The number of shares authorized and reserved for issuance under the company's equity incentive plans will be proportionally reduced.
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