ROCKVILLE, Md., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Rexahn Pharmaceuticals, Inc. (NASDAQ:REXN) announced today that the merger transaction between Rexahn and Ocuphire Pharma, Inc. is expected to be effective shortly after 4:00 pm (EST) today, Thursday, November 5, 2020.
As previously announced, Rexahn’s stockholders voted to approve all proposals required to complete the merger transaction. In connection with these approvals, the Board of Directors of Rexahn has approved a reverse stock split of Rexahn’s common stock at a ratio of one share for every 4 shares outstanding, which is expected to become effective immediately prior to the effectiveness of the merger.
Immediately following the effectiveness of the merger, the combined company will be renamed “Ocuphire Pharma, Inc.”, and is expected to begin trading on The Nasdaq Capital Market on a post-reverse stock split basis under the new ticker symbol “OCUP” on Friday, November 6, 2020 and with a new CUSIP number 67577R102.
