Axovant Announces Reverse Share Split Effectiveness
May 07 2019 - 4:15PM
Axovant Gene Therapies Ltd. (Nasdaq: AXGT), a clinical-stage
company developing innovative gene therapies, today announced that
a reverse share split of its common shares on a 1-for-8 basis will
become effective on May 7, 2019. The shares will begin
trading on the split-adjusted basis on the Nasdaq Global Select
Market under the Company's existing trading symbol "AXGT" on May 8,
2019. The new CUSIP number following the reverse share split will
be G0750W203.
The reverse share split will reduce the number
of common shares issued and outstanding from approximately 182.2
million common shares to approximately 22.8 million, based on
shares outstanding as of March 31, 2019. The reverse share split
will uniformly affect all issued and outstanding Axovant common
shares. The reverse share split will not alter any shareholder’s
percentage ownership interest in Axovant except to the extent that
the reverse share split results in fractional shares. No fractional
shares will be issued in connection with the reverse share split.
Shareholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment based on the
closing sales price of the Axovant’s common shares immediately
prior to the effective time of the reverse share split. The par
value of Axovant’s common shares will remain unchanged at $0.00001
per share following the reverse share split. The reverse
share split will not reduce Axovant’s authorized number of common
shares.
The reverse share split will proportionately
reduce the number of common shares available for issuance under
Axovant’s equity incentive plans and will proportionately reduce
the number of common shares issuable upon the exercise of options
and warrants outstanding immediately prior to the reverse share
split and proportionately increase the exercise price.
The Company's transfer agent, American Stock
Transfer & Trust Company, LLC, will act as the exchange agent
for the reverse share split. Shareholders who hold their shares in
brokerage accounts or "street name" are not required to take action
to effect the exchange of their shares and their positions will be
automatically adjusted pursuant to the broker's particular
process.
About Axovant Gene
Therapies
Axovant, part of the Roivant family of companies, is a
clinical-stage gene therapy company focused on developing a
pipeline of innovative product candidates for debilitating
neurological and neuromuscular diseases. The company’s current
pipeline of gene therapy candidates targets GM1 gangliosidosis, GM2
gangliosidosis (including Tay-Sachs disease and Sandhoff disease),
Parkinson’s disease, oculopharyngeal muscular dystrophy (OPMD),
amyotrophic lateral sclerosis (ALS) and frontotemporal dementia.
Axovant is focused on accelerating product candidates into and
through clinical trials with a team of experts in gene therapy
development and through external partnerships with leading gene
therapy organizations. For more information, visit
www.axovant.com.
About Roivant
Roivant Sciences aims to improve health by rapidly delivering
innovative medicines and technologies to patients. It does this by
building Vants – nimble, entrepreneurial biotech and healthcare
technology companies with a unique approach to sourcing talent,
aligning incentives, and deploying technology to drive greater
efficiency in R&D and commercialization. For more information,
please visit www.roivant.com.
Forward Looking Statements and
Information
This press release contains forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. The use of words such as “may,” “might,” “will,”
“expect,” “plan,” “anticipate,” “believe,” “intend,” “future,” or
“continue” and other similar expressions are intended to identify
forward-looking statements. For example, all statements Axovant
makes regarding the following are forward looking: the timing of
the planned reverse share split. All forward-looking
statements are based on estimates and assumptions by Axovant’s
management that, although Axovant believes to be reasonable, are
inherently uncertain. All forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those that Axovant expected. In addition, Axovant’s
business is subject to additional risks and uncertainties,
including among others, the initiation and conduct of preclinical
studies and clinical trials; the timing and availability of data
from clinical trials; the expectations for regulatory submissions
and approvals; the potential safety concerns or profile of
Axovant’s product candidates; and the availability or commercial
potential of product candidates. These statements are also subject
to a number of material risks and uncertainties that are described
in Axovant’s most recent Quarterly Report on Form 10-Q for the
quarterly period ended December 31, 2018, filed with the Securities
and Exchange Commission on February 7, 2019, as updated by its
subsequent filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which it
was made. Axovant undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Contacts:
MediaMike BeyerSam Brown Inc.
(312) 961-2502mikebeyer@sambrown.commedia@axovant.com
InvestorsTricia
TruehartAxovant(631) 892-7014investors@axovant.com
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