WARRINGTON, Pa., Dec. 21, 2017 /PRNewswire/ -- Windtree
Therapeutics, Inc. (OTCQB: WINT), a biotechnology company focused
on developing aerosolized KL4 surfactant therapies for respiratory
diseases, today announced a 1-for-20 reverse stock split of its
issued and outstanding common stock. The Company's common stock
will begin trading on a split-adjusted basis at the opening of the
OTCQB® Market on Friday, December 22,
2017 under the symbol "WINTD". After 20 trading days,
the symbol will revert to WINT. Effective with the reverse
split, a new CUSIP number of 97382D 204 has been assigned to the
Company's common stock. The number of shares of common stock
authorized under the Company's Certificate of Incorporation is
unchanged at 120 million shares.
The reverse stock split was approved by written consent of the
holder of a majority of the Company's issued and outstanding shares
of common stock without a meeting of stockholders on November 13, 2017 ("Written Consent"). The
Written Consent, which was ratified and approved by the Company's
Board of Directors (the "Board") on November
22, 2017, authorized the Board to implement a reverse stock
split at any time prior to March 31,
2018, at an exchange ratio of not less than 1-for-10 and not
greater than 1-for-20, as determined by the Board at the time of
implementation. On December 11,
2017, the Board caused to be filed an amendment to the
Company's Certificate of Incorporation to implement a reverse stock
split at a ratio of 1-for-20 to be effective at 12:01 a.m. on December 22,
2017 and to maintain the number of authorized shares of
common stock at 120 million.
About Windtree Therapeutics
Windtree Therapeutics,
Inc. is a clinical-stage biotechnology company focused on
developing novel surfactant therapies for respiratory diseases and
other potential applications. Windtree's proprietary technology
platform includes a synthetic, peptide-containing surfactant (KL4
surfactant) that is structurally similar to endogenous pulmonary
surfactant and novel drug-delivery technologies being developed to
enable noninvasive administration of aerosolized KL4 surfactant.
Windtree is focused initially on improving the management of
respiratory distress syndrome (RDS) in premature infants and
believes that its proprietary technology may make it possible, over
time, to develop a pipeline of KL4 surfactant product candidates to
address a variety of respiratory diseases for which there are few
or no approved therapies.
For more information, please visit the Company's website at
www.windtreetx.com.
Forward-Looking Statements
To the extent that
statements in this press release are not strictly historical, all
such statements are forward-looking, and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from the statements made. Examples of such
risks and uncertainties include: risks that Windtree will be unable
to secure significant additional capital as and when needed, if at
all, whether through debt or equity financings or other strategic
transaction; risks related to having the Company's common stock
trade on the OTCQB® market; and other risks and uncertainties
described in Windtree's filings with the Securities and Exchange
Commission including the most recent reports on Forms 10-K, 10-Q
and 8-K, and any amendments thereto.
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SOURCE Windtree Therapeutics, Inc.