Why Did Assertio Holdings Inc (NASDAQ:ASRT) Gap Lower?

Assertio Holdings Inc (NASDAQ:ASRT) is taking a hit on Monday. Will it rebound?

Market Action

As of 12.49, ASRT is down 11.07% to $0.4378. More than 6.51 million shares have been traded hands. The stock has moved within a range of $0.4190-$0.4579 after gapping lower on the open to $0.4280. Investors apparently did not like this mornings news.

ASRT Adjourns Annual Meeting of Shareholders

Assertio Holdings, Inc. Announces Adjournment of Annual Meeting of Shareholders

• ASRT announced partial results and the partial adjournment of the Company’s 2021 Annual Meeting of Shareholders (the “Annual Meeting”), which was held at 1:00 p.m. Central Time on May 11, 2021 and at which time all director nominees were elected and Proposals 4 and 5, as set forth in the Company’s Definitive Proxy Statement, were approved by stockholders.
• The Company adjourned the meeting with respect to Proposal 2 (the “Reverse Split and Proportional Authorized Shares Reduction Proposal”) and Proposal 3 (the “Increase in Authorized Shares Proposal”) for the limited purpose of allowing additional time for stockholders to vote.
• Support for Proposal 2 has exceeded 80% of the votes cast on the proposal, though approval of more than 50% of all of the Company’s outstanding shares of common stock is necessary for the proposal to be approved.

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