Assured announces reverse stock split

FRISCO, Texas — Specialty pharmacy provider Assured Pharmacy will reduce its stock through a reverse stock split, the company said Thursday.

The company, which trades on the pink sheets but seeks to eventually be listed on a larger exchange, announced that it had filed an amendment to its articles of incorporation whereby it would convert every 180 shares of stock to a single stock, reducing the total number of shares of outstanding common stock from 416,200,000 to 2,321,222, while reducing authorized shares of common stock from 3 billion to 16,666,667.

Assured’s board authorized the reverse stock split, which will take effect on April 15.

“This reverse stock split is another step taken in furtherance of positioning the company to seek a listing on a senior stock exchange,” Assured CEO Robert DelVecchio said.