ITEM 5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: Our common stock is listed on Nasdaq under the symbol “VYNE.”
−Removed: On February 10, 2021, our Board of Directors approved a one-for-four reverse stock split of our outstanding shares of common stock.
+Added: Our common stock is listed on the Nasdaq Capital Market under the symbol “VYNE.”
+Added: On February 8, 2023, our board of directors approved a 1-for-18 reverse stock split of our outstanding shares of common stock.
The reverse stock split was effected on February 10, 2023 at 5:01 p.m.
Eastern time.
−Removed: At the effective time, every four issued and outstanding shares of our common stock were converted into one share of common stock.
−Removed: No fractional shares were issued in connection with the reverse stock split, and in lieu thereof, each stockholder holding fractional shares was entitled to receive a cash payment (without interest or deduction) from the Company’s transfer agent in an amount equal to such stockholder’s respective pro rata shares of the total net proceeds from the Company’s transfer agent sale of all fractional shares at the then-prevailing prices on the open market.
+Added: At the effective time, every 18 issued and outstanding shares of our common stock were converted into one share of common stock.
+Added: No fractional shares were issued in connection with the reverse stock split, and in lieu thereof, each stockholder holding fractional shares was entitled to receive a cash payment (without interest or deduction) from our transfer agent in an amount equal to such stockholder’s respective pro rata shares of the total net proceeds from our transfer agent sale of all fractional shares at the then-prevailing prices on the open market.
The par value of each share of common stock remained unchanged.
−Removed: A proportionate adjustment was also made to the maximum number of shares issuable under the Company’s 2019 Equity Incentive Plan, 2018 Omnibus Incentive Plan and 2019 Employee Share Purchase Plan.
+Added: A proportionate adjustment was also made to the maximum number of shares issuable under our 2019 Equity Incentive Plan, 2018 Omnibus Incentive Plan and 2019 Employee Share Purchase Plan.
+Added: Unless noted, all references to shares of common stock and per share amounts contained in this Annual Report on Form 10-K have been retroactively adjusted to reflect a 1-for-18 reverse stock split.
Holders of Common Stock
−Removed: As of March 2, 2022, there were approximately 8 holders of record of our common stock.
+Added: As of March 1, 2023, there were 9 holders of record of our common stock.
This number does not include beneficial owners whose shares are held by nominees in street name.
+Added: Dividend Policy
+Added: We have never declared or paid, and do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock.
+Added: We currently intend to retain all available funds and any future earnings to support our operations and finance the
+Added: growth and development of our business.
+Added: Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.
ITEM 6 - [RESERVED]
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.