Business Context and Reporting Period
Company: Akers Biosciences, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 9, 2018
Event Date: November 7, 2018 (Effective November 8, 2018)
Context: The Company, an emerging growth company incorporated in New Jersey, filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on a corporate action regarding capital structure.
Material Changes
- Reverse Stock Split: Implemented an 8-for-1 reverse stock split of common stock.
- Share Count: Post-split, there are approximately 12,474,028 shares of common stock outstanding.
- Fractional Shares: No fractional shares were issued; holders entitled to fractional shares received a rounded-up whole number of shares.
- Ownership Interest: The split did not alter any stockholder's percentage interest in the Company's equity.
Guidance, Outlook, and Risks
The filing does not provide management commentary, financial guidance, outlook, or specific risk factors related to operations. The primary purpose is to disclose the amendment to the Articles of Incorporation.
Investor Verification Checklist
- Verify the new share count of approximately 12,474,028 shares outstanding.
- Confirm the 8-for-1 reverse split ratio applied to all stockholders uniformly.
- Review the attached Exhibit 3.1 (Certificate of Amendment) for legal details of the capitalization change.
- Check subsequent filings for updated financial statements reflecting the new share count.