LegalSep 25, 2026, 04:27 PM
NextCure Seeks Court Validation for 2025 Reverse Stock Split
AI Summary
NextCure, Inc. has filed a petition in the Delaware Court of Chancery seeking to validate its July 2025 reverse stock split. The company is concerned that recent amendments to Delaware law may render the reverse split invalid, as it was approved based on a 'votes cast' standard rather than a 'supermajority' standard required by its charter. A hearing is set for November 6, 2026. This action is crucial for NextCure to ensure the validity of its stock and to facilitate its pending business combination with Avere Therapeutics.
Key Highlights
- NextCure filed a petition under Section 205 of the DGCL to validate a 2025 reverse stock split amendment.
- The company believes the 2025 reverse split may be invalid due to a change in DGCL interpretation and recent amendments.
- A hearing on the petition is scheduled for November 6, 2026, in the Delaware Court of Chancery.
- The 2025 reverse split was approved by 89.92% of votes cast but fell short of the 66 2/3% supermajority standard.
- The company is pursuing validation to ensure the validity of its stock and facilitate a pending business combination with Avere Therapeutics.
Price Impact
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