Anavex Life Sciences Implements 1-for-10 Reverse Stock Split

TL;DR

AVXL doing a 1-for-10 reverse split to stay on Nasdaq. Effective June 21.

AI Summary

Anavex Life Sciences Corp. announced on June 18, 2024, that its Board of Directors approved a 1-for-10 reverse stock split, effective June 21, 2024. This action is intended to increase the per-share market price of its common stock to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market.

Why It Matters

This reverse split is a strategic move to comply with Nasdaq listing rules, aiming to prevent delisting and maintain investor confidence.

Risk Assessment

Risk Level: medium — Reverse stock splits can sometimes signal underlying financial distress or a struggle to maintain market price, though in this case, it's to meet exchange requirements.

Key Numbers

• 1-for-10 — Reverse Stock Split Ratio (To increase share price and meet Nasdaq listing requirements.)

Key Players & Entities

• Anavex Life Sciences Corp. (company) — Registrant
• Nasdaq Capital Market (company) — Stock Exchange
• June 18, 2024 (date) — Announcement Date
• June 21, 2024 (date) — Effective Date of Reverse Split
• 1-for-10 (ratio) — Reverse Stock Split Ratio

FAQ

Key Financial Figures

• $0.001 — h registered Common Stock, par value $0.001 per share AVXL The Nasdaq Stock Mar

Filing Documents

• e5761_8-k.htm (8-K) — 33KB
• 0001731122-24-001003.txt ( ) — 202KB
• avxl-20240618.xsd (EX-101.SCH) — 3KB
• avxl-20240618_lab.xml (EX-101.LAB) — 33KB
• avxl-20240618_pre.xml (EX-101.PRE) — 22KB
• e5761_8-k_htm.xml (XML) — 4KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On June 18, 2024, Anavex Life Sciences Corp. (the " Company ") held its Annual Meeting of Stockholders (the " Annual Meeting "). A total of 56,307,974 shares of the Company's Common Stock were present or represented by proxy at the Annual Meeting, representing approximately sixty-seven percent (67%) of the outstanding Common Stock as of April 26, 2024, the record date for the Annual Meeting. At the Annual Meeting, four (4) proposals were submitted for a vote of the Company's stockholders and the related results are as follows: Proposal No. 1 : The election of Christopher Missling, PhD, Jiong Ma, PhD, Claus van der Velden, PhD, Athanasios Skarpelos, Steffen Thomas, PhD and Peter Donhauser, D.O. for terms until the next succeeding annual meeting of stockholders or until such directors' successor shall have been duly elected and qualified. The stockholders holding a majority of the Common Stock having voting power present in person or represented by proxy elected the six (6) directors by the following votes: Name For Withheld Broker Non-Votes Christopher Missling, PhD 30,256,642 3,637,351 22,413,981 Jiong Ma, PhD 31,613,668 2,280,325 22,413,981 Claus van der Velden, PhD 27,960,597 5,933,396 22,413,981 Athanasios Skarpelos 31,049,785 2,844,208 22,413,981 Steffen Thomas, PhD 31,421,534 2,472,459 22,413,981 Peter Donhauser, D.O. 31,243,258 2,650,735 22,413,981 Proposal No. 2 : The stockholders holding a majority of the Common Stock having voting power present in person or represented by proxy ratified Grant Thornton LLP as the Company's independent registered accounting firm by the following votes: For Against Abstain 54,408,426 1,275,036 624,512 Proposal No. 3 : The approval of a non-binding advisory resolution approving the compensation of the Company's named executive officers, as described in the Company's proxy

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ANAVEX LIFE SCIENCES CORP. /s/ Christopher Missling Name: Christopher Missling, PhD Title: Chief Executive Officer Date: June 21, 2024

View Full Filing

View this 8-K filing on SEC EDGAR