Amarantus Effects Capital Restructuring in Anticipation of National Exchange Listing
May 22 2015 - 7:05AM
Amarantus BioSciences Holdings, Inc. (OTCQB:AMBS), a biotechnology
company focused on developing therapeutic and diagnostic products
for neurological disorders and orphan indications, announced that
it has implemented a 1-for-150 reverse stock split of its common
stock. Trading on a split adjusted basis will occur upon final
approval from FINRA. A new CUSIP number for the common shares will
be issued in connection with the reverse split.
"With our Company having recently achieved a number of important
scientific and business milestones, we are confident that we have
built a solid foundation for Amarantus and are now ready to take
the steps necessary to elevate our Company to the next level.
Achieving an up-listing to a national stock exchange this year is
an integral part of our overall corporate strategy to maximize the
value of Amarantus and this reverse stock split is an important
step in enabling the Company to achieve that goal," said Gerald E.
Commissiong, President & CEO of Amarantus. "We remain committed
to advancing Amarantus to its next phase of growth in order to
unlock the true value and potential of our Company. We are
confident that our Company will now be better positioned for
appreciation through increased visibility and the deliberate
expansion of the shareholder base as we achieve important value
building milestones in our therapeutic and diagnostics
divisions."
"The core fundamentals of Amarantus have never been stronger,
with the upcoming initiation of our Phase 2b clinical study of our
lead product candidate, eltoprazine, in Parkinson's disease
levodopa-induced dyskinesia and the pending strategic transaction
in our diagnostics division. In addition, we believe the potential
addition of the clinical-stage orphan candidate ESS, as part of the
potential acquisition of Cutanogen Corporation from Lonza, will
complement our orphan preclinical MANF programs, while adding a
second clinical-stage therapeutic program to bolster our pipeline.
Further, the Company has made significant progress in the
evaluation of strategic options for our wholly-owned subsidiary
Amarantus Diagnostics, and we expect to begin the implementation
phase shortly, with a view of potentially returning capital to
shareholders in 2015," commented Robert Farrell, Chief Financial
Officer of the Company.
"Taken together, we believe the pending catalytic events in both
our therapeutics and diagnostics divisions provide a sound
rationale for us to begin participating in the broader capital
markets, so that our shareholders may begin to realize value from
our rich pipeline. With this, management and the Board believe
now is the right time to move forward with our uplisting strategy
in earnest," concluded Mr. Farrell.
As a result of the stock split, every 150 shares of issued and
outstanding common stock will be converted into 1 share of common
stock. Upon FINRA approval the Company's common stock will
temporarily trade on the OTCQB under the symbol "AMBSD," for a
period of 20 trading days after which time the symbol will revert
back to AMBS. The temporary "D" at the end of the Company's stock
symbol signifies that the reverse stock split has
occurred. Following the reverse split, there will be
approximately 7 million common shares outstanding.
All fractional shares created by the reverse stock split will be
rounded to the nearest whole share. If the fraction created is one
half or less, it will be rounded down to the nearest whole share.
If the fraction is more than one half, it will be rounded up to the
nearest whole share. Each shareholder will get at least one
share.
The Company's transfer agent, VStock Transfer, LLC, will adjust
its records to reflect each shareholder's post-split position.
Share adjustments to physical stock certificates can be made upon
surrender of the certificate to the transfer agent. Please contact
VStock Transfer, LLC for further information at (212) 828-8436 or
toll-free at (855)-9VSTOCK or by email at
info@vstocktransfer.com.
About Amarantus BioScience Holdings, Inc.
Amarantus BioScience Holdings (AMBS) is a biotechnology company
developing treatments and diagnostics for diseases in the areas of
neurology, psychiatry, ophthalmology and regenerative medicine.
AMBS' Therapeutics division has development rights to eltoprazine,
a Phase 2b ready small molecule indicated for Parkinson's disease
levodopa-induced dyskinesia, adult ADHD and Alzheimer's aggression,
and owns the intellectual property rights to a therapeutic protein
known as mesencephalic-astrocyte-derived neurotrophic factor (MANF)
and is developing MANF-based products as treatments for brain and
ophthalmic disorders. AMBS' Diagnostics division owns the rights to
MSPrecise®, a proprietary next-generation DNA sequencing (NGS)
assay for the identification of patients with relapsing-remitting
multiple sclerosis (RRMS) at first clinical presentation, has an
exclusive worldwide license to the Lymphocyte Proliferation test
(LymPro Test®) for Alzheimer's disease, which was developed by
Prof. Thomas Arendt, Ph.D., from the University of Leipzig, and
owns intellectual property for the diagnosis of Parkinson's disease
(NuroPro). AMBS also owns the discovery of neurotrophic factors
(PhenoGuard™) that led to MANF's discovery.
For further information please visit www.Amarantus.com, or
connect with the Company on Facebook, LinkedIn, Twitter and
Google+.
Forward-Looking Statements
Certain statements, other than purely historical information,
including estimates, projections, statements relating to our
business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are
forward-looking statements. These forward-looking statements
generally are identified by the words "believes," "project,"
"expects," "anticipates," "estimates," "intends," "strategy,"
"plan," "may," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are based on current expectations and assumptions that are subject
to risks and uncertainties which may cause actual results to differ
materially from the forward-looking statements. Our ability to
predict results or the actual effect of future plans or strategies
is inherently uncertain. Factors which could have a material
adverse effect on our operations and future prospects on a
consolidated basis include, but are not limited to: changes in
economic conditions, legislative/regulatory changes, availability
of capital, interest rates, competition, and generally accepted
accounting principles. These risks and uncertainties should also be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements.
CONTACT: Investor and Media Contact:
Jenene Thomas
Jenene Thomas Communications, LLC
Investor Relations and Corporate Communications Advisor
T: (US) 908.938.1475
E: jenene@jenenethomascommunications.com
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Sep 2023 to Sep 2024