Aspire Biopharma announces 1-for-40 reverse stock split

Aspire Biopharma (ASBP) announced a reverse stock split of its issued and outstanding common stock, par value $0.01 per share, at a ratio of one share of common stock for every forty shares of common stock, that will become effective as of 12:01 a.m. on January 16. The Company’s common stock will begin trading on a split-adjusted basis when the market opens on January 16. At the Company’s Special Meeting of Stockholders held on November 4, the Company’s stockholders approved a proposal to authorize a reverse stock split of the Company’s Common Stock, at a ratio within the range of 1-for-5 to 1-for-40. The Company’s board of directors approved a 1-for-40 reverse split ratio, and on January 15, the Company will file a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect the reverse stock split effective January 16. The Company’s common stock will continue to trade on The Nasdaq Capital Market under the stock ticker “ASBP” but will trade under the new CUSIP number 738920 206. The reverse stock split is being implemented to ensure the Company meets the minimum bid price requirement for continued listing on The Nasdaq Capital Market.