Benzinga | Aug 6, 2020 09:53AM EDT

Actinium 8-K From Wed. Evening Shows Co. Received NYSE American Deficiency Letter Apr. 29, 2020 Related To Non Compliance Of $1 Minimum Last Trade Rule; Notes Oct. 18, 2019 Approval Of 1-For-75 Reverse Split, Has Moved Up Effective Date To Mid Aug.

NYSE AMERICAN EXCHANGE DEFICIENCY LETTER



Actinium Pharmaceuticals, Inc. (the "Company") received a deficiency letter from the NYSE American LLC, or the NYSE American exchange on April 29, 2020, indicating that the Company is not in compliance with certain NYSE American exchange continued listing standards because the Company's shares of common stock have been selling for a low price per share for a substantial period of time. Pursuant to Section 1003(f)(v) of the Company Guide, the NYSE American staff determined that the Company's continued listing is predicated on the Company effecting a reverse stock split of the Company's common stock or otherwise demonstrating sustained price improvement, such as trading above $1.00 for 30 days, within a reasonable period of time, which the staff determined to be until October 29, 2020.





REVERSE STOCK SPLIT OF UP TO 1-FOR-75 MAY BE EFFECTUATED



On October 18, 2019, the Company's board of directors unanimously approved, subject to stockholder approval, an amendment to the Company's certificate of incorporation to effect a reverse stock split of the Company's outstanding common stock by combining outstanding shares of common stock into a lesser number of outstanding shares of common stock by a ratio of not more than 1-for-75 prior to December 18, 2020, with the exact ratio to be set within this range by the Company's board of directors at its sole discretion.On December 18, 2019, at the Company's 2019 Annual Meeting of Stockholders, the Company's stockholders approved such proposed amendment to the Company's certificate of incorporation.



EFFECTIVE DATE OF REVERSE STOCK SPLIT TARGETED FOR AUGUST



The Company's board of directors authorized the initiation of the process to effectuate the reverse split, which the Company has undertaken. The Company is targeting the reverse split to be effective, subject to receiving the necessary approvals and authorizations, by mid-August 2020.