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Lite Strategy, Inc., formerly MEI Pharma, reports developments tied to its transition from a clinical-stage pharmaceutical issuer into a public-company digital asset treasury business. News has centered on the adoption of Litecoin (LTC) as the company’s primary treasury reserve asset, the completed corporate rebrand and Nasdaq ticker change from MEIP to LITS, and capital actions used to fund the strategy.
Company updates also cover treasury-management relationships, governance changes, and historical MEI Pharma disclosures involving cash preservation, strategic alternatives, and oncology drug candidates such as voruciclib and ME-344.
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MEI Pharma, Inc. (Nasdaq: MEIP) has announced a 1-for-20 reverse stock split, effective from April 17, 2023. This decision, approved by stockholders on January 5, 2023, aims to increase the per share trading price and meet Nasdaq's minimum bid price requirement for continued listing.
The split will reduce the number of outstanding shares from approximately 133.3 million to around 6.7 million. Fractional shares will not be issued; affected stockholders will receive cash equivalent to their fractional shares based on the closing price on April 14, 2023.
Computershare Trust Company will manage the transfer process. Changes to the CUSIP number will also take effect on the same date.
MEI Pharma and Infinity Pharmaceuticals have announced a merger agreement to create a combined company that will focus on advancing a diverse clinical-stage oncology pipeline. This includes three drug candidates: eganelisib, voruciclib, and ME-344, targeting various cancers. The merger is expected to be an all-stock transaction, with projected cash balance of approximately $100 million to fund operations through mid-2025. MEI shareholders are expected to own 58% and Infinity shareholders 42% of the new entity. The merger seeks to leverage combined expertise and resources to enhance therapeutic options for patients.