On Dec. 28, 2023 Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the "Company") reported that its Board of Directors has approved a 1-for-20 reverse stock split of the Company’s common stock, which will be effective following the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation (the "Amendment") (Press release, Titan Pharmaceuticals, DEC 28, 2023, View Source [SID1234638831]). The Company’s stockholders approved the reverse stock split at a Special Meeting of Stockholders on December 27, 2023. The Company’s shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market following the filing of the Amendment, which is intended go effective on January 9, 2024.

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As a result of the reverse split, each 20 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, the number of shares will be rounded up to the next whole number. The reverse stock split will not modify the rights or preferences of the common stock.

Immediately after the reverse split becomes effective, there will be approximately 781,503 shares of common stock issued and outstanding. The common shares will trade under a new CUSIP number, 888314705, and continue to trade under the symbol "TTNP." All stock options and warrants of the Company outstanding immediately prior to the reverse stock split will be proportionally adjusted.

The Company has appointed its transfer agent, Continental Stock Transfer & Trust Company ("Continental"), to act as exchange agent for the reverse stock split. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers’ particular processes. Continental can be reached at (212) 509-4000.