Nabriva Therapeutics Announces Date of 1-for-10 Reverse Stock Split
December 02 2020 - 8:00AM
Nabriva Therapeutics plc (NASDAQ: NBRV), a biopharmaceutical
company engaged in the commercialization and development of
innovative anti-infective agents to treat serious infections, today
announced that it will effect a 1-for-10 reverse stock split of its
outstanding ordinary shares, which will be effective for trading
purposes on the Nasdaq Global Select Market as of the commencement
of trading on December 3, 2020.
At the Annual General Meeting of Shareholders on July 29, 2020,
Nabriva Therapeutics’ shareholders approved, subject to and
conditional upon the Board of Directors of Nabriva Therapeutics
determining, in its sole discretion, that a reverse stock split is
necessary for the Company to comply with the minimum $1.00 per
share requirement pursuant to Nasdaq Listing Rule 5450(a)(1) (Bid
Price Rule), a reverse stock split (i.e., a consolidation of share
capital under Irish law) whereby every ten ordinary shares of $0.01
(nominal value) each in the authorized and unissued and authorized
and issued share capital of the Company be consolidated into one
ordinary share of $0.10 (nominal value) each, and the subsequent
reduction in the nominal value of the ordinary shares in the
authorized and unissued and authorized and issued share capital of
the Company from $0.10 each to $0.01 each. Nabriva Therapeutics’
Board of Directors subsequently determined that the reverse stock
split was necessary for the Company to comply with the Bid Price
Rule.
Nabriva Therapeutics’ ordinary shares will continue to trade on
the Nasdaq Global Select Market under the symbol “NBRV” and the new
CUSIP number for Nabriva Therapeutics’ ordinary shares following
the reverse stock split is G63637 113. The reverse stock split will
reduce the number of ordinary shares outstanding from approximately
150.8 million to approximately 15.08 million post-split and will
also proportionately reduce the number of authorized ordinary
shares from 1.0 billion to 100.0 million. The reverse stock split
will also apply to ordinary shares issuable upon the exercise of
Nabriva Therapeutics’ outstanding restricted stock units, stock
options and warrants with a proportional increase in the respective
exercise prices, as applicable. No fractional ordinary shares will
be issued in connection with the reverse stock split. Shareholders
who would otherwise be entitled to a fractional ordinary share will
be entitled to receive a proportional cash payment.
Nabriva Therapeutics’ transfer agent,
Computershare, which is also acting as the exchange agent for the
reverse stock split, will provide instructions to shareholders
regarding the process for exchanging physical share certificates.
Shareholders holding their ordinary shares in book-entry form or in
brokerage accounts need not take any action in connection with the
reverse stock split. Beneficial holders are encouraged to contact
their bank, broker or custodian with any procedural questions.
Additional information regarding the reverse stock split can be
found in Nabriva Therapeutics’ definitive proxy statement filed
with the Securities and Exchange Commission on June 25, 2020.
About Nabriva Therapeutics plc
Nabriva Therapeutics is a biopharmaceutical company engaged in
the commercialization and development of innovative anti-infective
agents to treat serious infections. Nabriva Therapeutics received
U.S. Food and Drug Administration approval for
XENLETA® (lefamulin injection, lefamulin tablets),
the first systemic pleuromutilin antibiotic for community-acquired
bacterial pneumonia (CABP). Nabriva Therapeutics is also developing
CONTEPO™ (fosfomycin) for injection, a potential first-in-class
epoxide antibiotic for complicated urinary tract infections (cUTI),
including acute pyelonephritis. Nabriva entered into an exclusive
agreement with subsidiaries of Merck & Co. Inc., Kenilworth,
N.J., USA to market, sell and distribute SIVEXTRO® (tedizolid
phosphate) in the United States and certain of its territories.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Nabriva Therapeutics, including but not
limited to statements about the timing and effectiveness of the
reverse stock split and Nabriva Therapeutics’ ability to satisfy
Nasdaq’s continued listing standards and other statements
containing the words “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “likely,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: Nabriva Therapeutics’ ability to
successfully implement its commercialization plans for XENLETA and
SIVEXTRO and whether market demand for XENLETA and SIVEXTRO is
consistent with its expectations, Nabriva Therapeutics’ ability to
build and maintain a sales force for XENLETA and SIVEXTRO, the
content and timing of decisions made by the U.S. Food and Drug
Administration and other regulatory authorities, the uncertainties
inherent in the initiation and conduct of clinical trials,
availability and timing of data from clinical trials, whether
results of early clinical trials or studies in different disease
indications will be indicative of the results of ongoing or future
trials, uncertainties associated with regulatory review of clinical
trials and applications for marketing approvals, the availability
or commercial potential of CONTEPO for the treatment of cUTI, the
extent of business interruptions resulting from the infection
causing the COVID-19 outbreak or similar public health crises, the
ability to retain and hire key personnel, the availability of
adequate additional financing on acceptable terms or at all and
such other important factors as are set forth in Nabriva
Therapeutics’ annual and quarterly reports and other filings on
file with the U.S. Securities and Exchange Commission. In addition,
the forward-looking statements included in this press release
represent Nabriva Therapeutics’ views as of the date of this press
release. Nabriva Therapeutics anticipates that subsequent events
and developments will cause its views to change. However, while
Nabriva Therapeutics may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing Nabriva Therapeutics’ views as
of any date subsequent to the date of this press release.
CONTACTS:
For InvestorsKim AndersonNabriva Therapeutics
plcir@nabriva.com
For MediaMike BeyerSam Brown
Inc.mikebeyer@sambrown.com312-961-2502
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