Pain Therapeutics Announces Reverse Stock Split
May 08 2017 - 9:14AM
Pain Therapeutics, Inc. (Nasdaq:PTIE) today announced that it will
effect a 7-for-1 reverse split of its outstanding shares of common
stock (the “Reverse Split”), effective as of the close of business
Eastern Time on May 9, 2017, (the "Effective Time"). Pain
Therapeutics’ common stock will open for trading on The Nasdaq
Global Market on May 10, 2017 on a split-adjusted basis under the
existing trading symbol "PTIE".
This Reverse Split was approved by stockholders
pursuant to a resolution adopted by stockholders of the Company at
the annual meeting of stockholders held on May 4, 2017, and is
intended to increase the per share trading price of the Company's
common stock to satisfy the minimum bid price requirement for
continued listing on The NASDAQ Global Market.
Based on the number of shares currently
outstanding, the Reverse Split will reduce the number of shares of
common stock outstanding from about 46.1 million shares pre-Reverse
Split to about 6.6 million shares post-Reverse Split. The
Reverse Split will affect all stockholders uniformly and will not
affect any stockholder’s percentage equity ownership in the
Company.
In the Reverse Split, every seven (7) shares of
the Company's common stock issued and outstanding at the Effective
Time will automatically be exchanged and reclassified into one (1)
issued and outstanding share of common stock, par value $0.001 per
share. No fractional shares shall be issued in connection
with the Reverse Split. Any stockholder who would otherwise
be entitled to a fraction of one share of common stock will, in
lieu thereof, be entitled to receive one share of common stock in
connection with the Reverse Split.
The par value of the Company’s common stock will
remain unchanged at $0.001 per share. Trading of the Company's
common stock on The Nasdaq Global Market will continue, on a
split-adjusted basis, with the opening of the markets on Wednesday,
May 10, 2017, under the existing trading symbol "PTIE" and under
the new CUSIP number 69562K 506.
All outstanding stock options and equity
incentive plans immediately prior to the Reverse Split will be
proportionately adjusted by dividing the number of shares of common
stock into which the stock options and equity incentive plans are
exercisable by seven (7) and multiplying the exercise or conversion
price by seven (7), as a result of the Reverse Split.
The Company has retained its transfer agent,
Computershare, Inc., to act as its exchange agent for the Reverse
Split. As soon as practicable after the Effective Time,
Computershare will provide stockholders of record as of the
Effective Time a letter of transmittal providing instructions for
the exchange of their stock certificates. Stockholders owning
shares via a broker or other nominee will have their positions
automatically adjusted to reflect the Reverse Split, subject to
brokers' particular processes, and will not be required to take any
action in connection with the Reverse Split. Beneficial holders may
contact their bank, broker or nominee with any questions regarding
the procedure of implementing the Reverse Split. Stockholders
holding physical certificates may (but are not required to) send
their certificates, along with the properly completed and executed
letter of transmittal to Computershare, Inc. at the address given
below.
The transfer agent will send each stockholder’s
new stock certificate promptly after receipt of that stockholder’s
properly completed letter of transmittal and old stock
certificates.
Computershare, Inc.P.O. BOX 30170 College Station, TX 77842
USAPhone: 877 268 2982
Additional information regarding the Reverse
Split can be found in the Company’s Definitive Proxy Statement on
Schedule 14A (Form DEF 14A), filed with the SEC on March 21, 2017,
and posted in the “Investors” section of the Company’s website at
www.paintrials.com.
About Pain
Therapeutics, Inc.We develop proprietary drugs that offer
significant improvements to patients and physicians. Our expertise
consists of developing new drugs and guiding these through various
regulatory and development pathways in preparation for their
eventual commercialization. We generally focus our drug
development efforts around disorders of the nervous system, such as
chronic pain. The FDA has not yet established the safety or
efficacy of our drug candidates.
Note Regarding Forward-Looking
Statements: This press release contains forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995 (the "Act"). Pain Therapeutics disclaims any
intent or obligation to update these forward-looking statements,
and claims the protection of the Safe Harbor for forward-looking
statements contained in the Act. Examples of such statements
include, but are not limited to, statements regarding the timing
and effectiveness of the Reverse Split and the Company’s continued
trading on the Nasdaq Global Market. Such statements are based on
management's current expectations, but actual results may differ
materially due to various factors. Such statements involve
risks and uncertainties, including, but not limited to, those risks
and uncertainties relating to the price and volume fluctuations in
the Company’s common stock, the Company’s ability to implement any
plan for continued listing on Nasdaq and potential adverse
decisions by Nasdaq. For further information regarding these
and other risks related to our business, investors should consult
our filings with the U.S. Securities and Exchange Commission.
For More Information Contact:
Ruth Araya
Pain Therapeutics, Inc.
IR@paintrials.com
(512) 501-2485
Pain Therapeutics (NASDAQ:PTIE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pain Therapeutics (NASDAQ:PTIE)
Historical Stock Chart
From Apr 2023 to Apr 2024