Dear CLVS Stock fans, mark your calendars for July 7th
Clovis Oncology (NASDAQ:CLVS) shares head higher on Friday and investors will want to watch the company’s stock when July 7th arrives!
So what’s the big news coming for CLVS stocks next week? The company is holding an annual meeting of shareholders next Friday. It comes as the company seeks shareholder approval for two major proposals at this meeting.
The first of these proposals is a reverse stock split. Clovis Oncology wants shareholders to approve this so it can drive up its stock price and avoid possible delisting Nasdaq Stock Exchange.
The second proposal for which Clovis Oncology is seeking approval is to reduce its total number of shares. Again, this is part of the company’s efforts to avoid delisting from the Nasdaq.
Here’s what Clovis Oncology warns if shareholders don’t approve of these two proposals.
“The potential delisting of our common stock if we do not remain in compliance with Nasdaq’s requirement that our common stock trade above $1 per share would constitute a fundamental change under our convertible bond indentures, triggering the bondholders’ immediate right to require us to repurchase up to $443 million in principal of this debt, an amount that we would be unable to pay and resulting in the potential loss of all shareholder value.
CLVS stock news has stocks that are seeing intense trading. This has more than 37 million shares of the stock in motion to date. That’s already well above its average daily trading volume of around 12.4 million shares.
CLVS stock is up 21.7% on Friday afternoon.
There are more stock market news worth checking out below!
We have all the hottest stock market news for traders to catch up on for Friday! Some examples include why the shares of iShares Money Trust (NYSEARC:SLV), Mullen Automotive (NASDAQ:MULN) and Revlon (NYSE:ROUND) stock are on the move today. You can read all about it on the links below!
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.