CohBar Announces Reverse Stock Split
September 22 2022 - 09:00AM
CohBar, Inc. (NASDAQ: CWBR), a clinical stage biotechnology company
leveraging the power of the mitochondria and the peptides encoded
in its genome to develop potential breakthrough therapeutics
targeting chronic and age-related diseases, today announced that
its Board of Directors (the “Board”) has approved a 1-for-30
reverse stock split of the company’s common stock. The reverse
stock split will become effective at 12:01am ET on September 23,
2022 and begin trading on a split-adjusted basis at the market open
on September 23, 2022 with the new CUSIP number 19249J 307.
The company is implementing the reverse stock split to enable it
to regain compliance with the Nasdaq $1.00 minimum bid price
requirement.
The reverse stock split was approved by the company’s
stockholders at the company’s 2022 Annual Meeting, held on June 15,
2022, in a range not to exceed 1-for-30. As a result of the reverse
stock split, every 30 shares of the company’s common stock issued
and outstanding will be automatically reclassified into one share
of common stock. No fractional shares will be issued in connection
with the reverse split. Stockholders will be entitled to a cash
payment in lieu of any fractional shares.
All outstanding stock options, warrants, and equity incentive
plans will be proportionately affected. The exercise prices of the
outstanding stock options, warrants, and equity incentive plans
will be adjusted in accordance with their respective terms. The
reverse stock split will affect all stockholders uniformly and will
not affect any stockholder's ownership percentage of CohBar's
shares, with the exception of those stockholders receiving cash in
lieu of fractional shares.
Concurrent with the approval of the reverse stock split, the
shareholders also approved an effective increase in the number of
authorized shares of the company’s common stock. Subsequent to the
reverse stock split and adjusting for the effective increase in
authorized shares, there will be approximately 12,000,000 shares of
common stock authorized for issuance.
TSX Trust Company (“TSX”) is acting as the exchange agent and
transfer agent for the reverse stock split. TSX will provide
instructions to stockholders with physical certificates regarding
the process for exchanging their certificates for split-adjusted
shares into “book-entry form” and receiving payment for fractional
shares, if any. Those stockholders with common stock in “street
name” will receive instructions from their brokers.
Additional information about the reverse stock split can be
found on the company’s website at www.cohbar.com.
About CohBar
CohBar (NASDAQ: CWBR) is a clinical-stage biotechnology company
leveraging the power of the mitochondria and the peptides encoded
in its genome to develop potential breakthrough therapeutics
targeting chronic and age-related diseases with limited to no
treatment options. CohBar has assembled a leading position in
exploring the mitochondrial genome and its utility for the
development of novel therapeutics, including world-renowned
expertise in mitochondrial biology, a broad intellectual property
estate, key opinion leaders and disciplined drug discovery and
development processes. CohBar is utilizing its Mito+ platform to
identify and develop modified versions of natural peptides called
analogs to treat a variety of serious conditions, with a focus on
diseases involving inflammation and fibrosis. CohBar is planning to
file an IND for its second clinical candidate CB5138-3 in the
second half of 2023, with an initial indication of idiopathic
pulmonary fibrosis. The company has previously demonstrated
clinical proof of concept for its approach with the positive
topline data from its CB4211 product candidate being developed for
NASH and obesity.
For additional company information, please visit www.cohbar.com
and engage with us on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements that are
not historical facts within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies,
projections, anticipated events and other future conditions. In
some cases you can identify these statements by forward-looking
words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “could,” “should,” “would,” “project,”
“plan,” “expect,” “goal,” “seek,” “future,” “likely” or the
negative or plural of these words or similar expressions. Examples
of such forward-looking statements include but are not limited to
statements regarding ongoing and planned research and development
activities, including planned clinical trials, regulatory status
and strategies and the timing of announcements and updates relating
to our regulatory filings and clinical trials; the ability to
provide patent protection for our Mito+ platform; the ability to
remain listed on the Nasdaq Capital Market, including with respect
to effecting the company’s reverse stock split; expectations
regarding the growth of therapies developed from modified
mitochondrial peptides as a significant future class of drug
products; and statements regarding anticipated therapeutic
properties and potential of our mitochondrial peptide analogs and
other potential therapies. You are cautioned that such statements
are not guarantees of future performance and that actual results or
developments may differ materially from those set forth in these
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include:
our ability to successfully advance drug discovery and development
programs, including the delay or termination of ongoing clinical
trials and the timing of announcements and updates relating to our
clinical trials and related data; our possible inability to
mitigate the prevalence and/or persistence of the injection site
reactions, or the possibility of other developments affecting the
viability of CB4211 or CB5138-3 as a clinical candidate or its
commercial potential; results that are different from earlier data
results including less favorable results that may not support
further clinical development; our ability to raise additional
capital when necessary to continue our operations; our ability to
recruit and retain key management and scientific personnel; the
risk that our intellectual property may not be adequately
protected; our ability to establish and maintain partnerships with
corporate and industry partners; and risks related to the impact on
our business of the COVID-19 pandemic or similar public health
crises. Additional assumptions, risks and uncertainties are
described in detail in our registration statements, reports and
other filings with the Securities and Exchange Commission and
applicable Canadian securities regulators, which are available on
our website, and at www.sec.gov or www.sedar.com.
You are cautioned that such statements are not guarantees of
future performance and that our actual results may differ
materially from those set forth in the forward-looking statements.
The forward-looking statements and other information contained in
this news release are made as of the date hereof and CohBar does
not undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. Nothing herein shall constitute an
offer to sell or the solicitation of an offer to buy any
securities.
Contacts: Jordyn TaraziDirector of Investor
RelationsCohBar, Inc.(650) 445-4441Jordyn.tarazi@cohbar.com
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