LIXTE Biotechnology Holdings, Inc. Announces 1-for-10 Reverse Stock Split of its Common Stock Effective on Pre-Market Opening on June 5, 2023
June 02 2023 - 12:30PM
LIXTE Biotechnology Holdings, Inc. (“LIXTE” or the “Company”)
(Nasdaq: LIXT) announced today that it will effect a 1-for-10
reverse stock split of its issued and outstanding common stock
effective on Friday, June 2, 2023.
Commencing with the opening of trading on the
Nasdaq Capital Market on Monday, June 5, 2023, the Company’s common
stock will trade on a post-split basis under the same symbol LIXT.
The reverse stock split was approved by the Company’s stockholders
at a special meeting of stockholders held on May 26, 2023, with the
final ratio being determined by the Company’s Board of
Directors.
As a result of the reverse stock split, the
CUSIP number for the Company’s common stock will be changed to
539319301, and every 10 shares of issued and outstanding common
stock will be exchanged for 1 share of common stock, with any
fractional shares being rounded up to the next higher whole share.
Immediately after the reverse stock split becomes effective, the
Company will have approximately 1,665,909 shares of common stock
issued and outstanding.
The reverse stock split is primarily intended to
increase the per share trading price of LIXTE’s common stock to
bring the Company into compliance with Nasdaq’s minimum bid price
requirement for continued listing on the Nasdaq Capital Market.
However, there can be no assurances that the Company will be able
to remain in compliance with the minimum bid price requirement over
time, or that it will be successful in maintaining compliance with
any of the other Nasdaq continued listing requirements.
Computershare Trust Company, N.A.
(Computershare) is acting as the exchange agent and transfer agent
for the reverse stock split. Stockholders are not required to take
any action to receive post-split shares. Stockholders of record who
hold their shares in book-entry form will be provided with a
statement by Computershare reflecting the number of shares of
LIXTE’s common stock registered in their accounts following the
reverse stock split. Stockholders owning shares through a bank,
broker or other nominee will have their positions adjusted to
reflect the reverse stock split in accordance with the particular
administrative processes of their respective banks, brokers or
other nominees.
Additional information regarding the reverse
stock split can be found in LIXTE’s definitive proxy statement
filed with the Securities and Exchange Commission on April 11,
2023.
About LIXTE Biotechnology Holdings, Inc.
LIXTE Biotechnology Holdings, Inc. is a
clinical-stage pharmaceutical company focused on new targets for
cancer drug development and on developing and commercializing
cancer therapies. LIXTE has achieved a breakthrough demonstrating
that its first-in-class lead clinical PP2A inhibitor, LB-100, is
well-tolerated in cancer patients at doses associated with
anti-cancer activity. Based on extensive published preclinical data
(see www.lixte.com), LB-100 has the potential to significantly
improve outcomes for patients undergoing various chemotherapies or
immunotherapies. LIXTE's new approach has no known competitors and
is covered by a comprehensive patent portfolio. Initial
proof-of-concept clinical trials are in progress.
Forward-Looking Statements
This announcement contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934. For example, statements regarding the Company's
financial position, business strategy and other plans and
objectives for future operations, and assumptions and predictions
about future activities, including the continuing development of
proprietary compounds, the planning, funding, coordination and
potential results of clinical trials, and the patent and legal
costs to protect and maintain the Company's intellectual property
worldwide, are all forward-looking statements. These statements are
generally accompanied by words such as "intend," anticipate,"
"believe," "estimate," "potential(ly)," "continue," "forecast,"
"predict," "plan," "may," "will," "could," "would," "should,"
"expect" or the negative of such terms or other comparable
terminology. The Company believes that the assumptions and
expectations reflected in such forward-looking statements are
reasonable, based on information available to it on the date
hereof, but the Company cannot provide assurances that these
assumptions and expectations will prove to have been correct or
that the Company will take any action that the Company may
presently be planning. However, these forward-looking statements
are inherently subject to known and unknown risks and
uncertainties. Actual results or experience may differ materially
from those expected or anticipated in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, regulatory policies,
available cash, research results, competition from other similar
businesses, and market and general economic factors. This
discussion should be read in conjunction with the Company's filings
with the United States Securities and Exchange Commission
at https://www.sec.gov.
For more information about
LIXTE, Contact:
info@lixte.comGeneral Phone: (631) 830-7092Investor Phone: (888)
289-5533
or
PondelWilkinson Inc. Investor
Relationspwinvestor@pondel.comRoger Pondel: (310) 279-5965Laurie
Berman: (310) 279-5962
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