Onconetix (ONCO, Financial) has revealed that its shareholders have sanctioned a reverse stock split initiative during the company's special meeting on May 30, 2025. The Board of Directors has decided to proceed with a 1-for-85 reverse split of the company's common stock, which will take effect at 12:01 a.m. Eastern Time on June 1.
During this special meeting, shareholders authorized an amendment to Onconetix's Amended and Restated Certificate of Incorporation. This amendment permits a reverse stock split for all outstanding common stock shares, with a par value of $0.00001 per share. The approved split ratio can range from 1-for-10 to 1-for-150 and may be executed any time before the one-year anniversary of the special meeting. The exact ratio will be determined by the Board without requiring additional stockholder approval. Additionally, provisions were made to adjourn the meeting if needed to gather more votes for the proposal.
