I was there in AVXL with you Jimmy. It did happen just like that. No warning, and no SEC filing beforehand.
I don't know where this idea came about where there had to be an SEC filing announcing that paperwork has been submitted. Nope. One morning, boom, uplist.
This is direct from them, NASDAQ. Yes there is a paper trail. Yes they usually file a 8-k (week one in the process of the application). No, it does not magically happen, at least I have not ever seen that.
I am not a business major, nor has it been my area of study. I have only been an investor a few year. Several times a stock I owned has moved from one market to another and this process has been followed. That being said some circumstances may lead to unusual events. I would not be upset if we magically up listed without any paper work being filed.
WRONG!!! This SEC 8K/A filing delivers the details-
Anavex Prepares for Uplisting to NASDAQ, Announces Reverse Stock Split
NEW YORK, NY – October 6, 2015 – Anavex Life Sciences Corp. (“Anavex” or the “Company”) (OTCQX: AVXL), a clinical-stage biopharmaceutical company developing drug candidates to treat Alzheimer’s disease, other central nervous system (CNS) diseases, pain, and various types of cancer, today announced that it is finalizing an application to uplist trading of its common stock to the NASDAQ Capital Market. To meet the conditions of a NASDAQ listing, the Company announces a one-for-four (1-for-4) reverse stock split of its authorized, issued and outstanding common shares. The Company's common stock will begin trading on a post-split basis at the opening of trading on October 7, 2015.
“It is our belief that uplisting to a major exchange will allow a broader base of worldwide institutions, funds and retail investors to participate in our future success,” said Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex. “This reverse stock split will help us meet the conditions to finalize our application for uplisting to NASDAQ.”
Following the reverse stock split, every four shares of issued and outstanding common stock will be converted to one post-reverse split share. All fractional shares will be rounded up to the nearest whole share.
The reverse stock split will reduce the authorized shares of common stock from 400,000,000 prior to the split to 100,000,000 after the reverse stock split.
As of October 7, Anavex common stock will trade under the ticker symbol AVXLD for a period of 20 business days. After that time or earlier once NASDAQ approves the uplisting requirements, the “D” will be removed and our Company's symbol will once again be AVXL. A new CUSIP number will be assigned to the Company's common stock as a result of the reverse split.
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