Apricus Biosciences Announces 1-for-10 Reverse Stock Split
October 20 2016 - 4:30PM
Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical
company advancing innovative medicines in urology and rheumatology,
today announced a reverse stock split of its shares of common stock
at a ratio of 1-for-10. The reverse stock split will be effective
at 5:00 p.m. Pacific Time on October 21, 2016. As of the open of
the market on October 24, 2016, the Company’s common stock will
begin trading on a split-adjusted basis.
As a result of the reverse stock split, the
Company's issued and outstanding shares of common stock will
decrease to approximately 7.7 million post-split shares (prior to
effecting the rounding of fractional shares into whole shares as
described below) from approximately 77.3 million pre-split
shares. As a result of the reverse stock split, the total
number of shares of common stock held by each stockholder will be
converted automatically into the number of whole shares of common
stock equal to (i) the number of shares of common stock held by
such stockholder immediately prior to the reverse stock split,
divided by (ii) ten.
No fractional shares will be issued, and no cash
or other consideration will be paid. Instead, the Company will
issue one whole share of the post-split common stock to any
stockholder of record who otherwise would have received a
fractional share as a result of the reverse stock split.
Stockholders who are holding their shares in
electronic form at their brokerage firms do not have to take any
action to effect the exchange of their shares. Such
stockholders will receive instructions from their brokers.
Stockholders holding paper certificates will receive written
instructions by mail from the Company's transfer agent.
All options, warrants and convertible securities
of the Company outstanding immediately prior to the reverse stock
split will be appropriately adjusted.
In connection with the reverse stock split, the
Company's CUSIP number will change to 03832V307 as of October 24,
2016.
The reverse stock split was previously approved
by the Board of Directors of the Company in accordance with Nevada
law, under which no stockholder approval is required. The
Company is effecting the reverse split in an effort to regain
compliance with NASDAQ Listing Rule 5555(a)(2), which requires the
Company to maintain a minimum closing bid price of $1.00 per share
(the “Minimum Bid Price Requirement”). To regain compliance
with the Minimum Bid Price Requirement, the bid price of the
Company’s Common Stock has to close at or above $1.00 per share for
a minimum of ten consecutive business days prior to the Company’s
compliance deadline of November 7, 2016.
About Apricus Biosciences,
Inc.Apricus Biosciences, Inc. (APRI) is a
biopharmaceutical company advancing innovative medicines in urology
and rheumatology. Apricus’ commercial product, Vitaros®, for the
treatment of erectile dysfunction, is approved in Canada and
certain countries in Europe, Latin America and the Middle East and
is being commercialized in several countries in Europe. In
September 2015, Apricus in-licensed the U.S. development and
commercialization rights for Vitaros from Allergan. Apricus’
marketing partners for Vitaros include Laboratoires Majorelle,
Bracco S.p.A., Recordati Ireland Ltd. (Recordati), Ferring
International Center S.A. (Ferring Pharmaceuticals), Mylan NV and
Elis Pharmaceuticals Ltd. Apricus currently has one active
product candidate, RayVa™, its product candidate for the treatment
of the circulatory disorder Raynaud’s phenomenon.
For further information on Apricus, visit
http://www.apricusbio.com.
*Vitaros® is a registered trademark of NexMed
International Limited. Such trademark is registered in
certain countries throughout the world and pending registration in
the United States.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, as
amended. Statements in this press release that are not purely
historical are forward-looking statements. Such forward-looking
statements include, among other things: references to the potential
for the Company to regain NASDAQ compliance. Actual results could
differ from those projected in any forward-looking statements due
to a variety of reasons that are outside of Apricus’ control,
including, but not limited to: the Company’s ability to regain
NASDAQ compliance generally; and market conditions. These
forward-looking statements are made as of the date of this press
release, and Apricus assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward- looking
statements. Readers are urged to read the risk factors set forth in
Apricus’ most recent annual report on Form 10-K, subsequent
quarterly reports filed on Form 10-Q, and other filings made with
the SEC. Copies of these reports are available from the SEC’s
website at www.sec.gov or without charge from Apricus.
Contact:
Matthew Beck
mbeck@troutgroup.com
The Trout Group LLC
(646) 378-2933
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