HOUSTON, March 19,
2024 /PRNewswire/ -- Moleculin Biotech, Inc.,
(Nasdaq: MBRX) ("Moleculin" or the "Company"), a clinical stage
pharmaceutical company with a growing pipeline, including Phase 2
clinical programs, for hard-to-treat tumors and viruses, today
announced a 1-for-15 reverse stock split of its common stock.
The reverse stock split will take effect at 11:59 pm (Eastern Time) on March 21, 2024, and the Company's common stock
will open for trading on The Nasdaq Capital Market on March 22, 2024 on a post-split basis, under the
existing ticker symbol "MBRX" but with a new CUSIP number
60855D309. The reverse stock split is part of the Company's plan to
regain compliance with the minimum bid price requirement for
continued listing on The Nasdaq Capital Market.
As a result of the reverse stock split, every fifteen shares of
the Company's common stock issued and outstanding prior to the
opening of trading on March 22, 2024
will be consolidated into one issued and outstanding share, with no
change in the nominal par value per share of $0.001. No fractional shares will be issued as a
result of the reverse stock split. Stockholders of record who would
otherwise be entitled to receive a fractional share will be
entitled to the rounding up of the fractional share to the nearest
whole number.
As a result of the reverse stock split, the number of shares of
common stock outstanding will be reduced from approximately 33.4
million shares to approximately 2.2 million shares, and the number
of authorized shares of common stock will remain at 100 million
shares. In addition, the number of shares reserved for issuance
under the Company's equity compensation plan immediately prior to
the reverse stock split will be reduced proportionately.
About Moleculin Biotech, Inc.
Moleculin Biotech, Inc. is a clinical stage pharmaceutical
company with a growing pipeline, including Phase 2 clinical
programs, for hard-to-treat tumors and viruses. The Company's lead
program, Annamycin is a next-generation anthracycline designed to
avoid multidrug resistance mechanisms with little to no
cardiotoxicity. Annamycin is currently in development for the
treatment of relapsed or refractory acute myeloid leukemia (AML)
and soft tissue sarcoma (STS) lung metastases.
Additionally, the Company is developing WP1066, an
Immune/Transcription Modulator capable of inhibiting p-STAT3 and
other oncogenic transcription factors while also stimulating a
natural immune response, targeting brain tumors, pancreatic and
other cancers, and WP1220, an analog to WP1066, for the topical
treatment of cutaneous T-cell lymphoma. Moleculin is also engaged
in the development of a portfolio of antimetabolites, including
WP1122 for the potential treatment of COVID-19 and other viruses,
as well as cancer indications including brain tumors, pancreatic
and other cancers.
For more information about the Company, please visit
www.moleculin.com and connect on Twitter, LinkedIn and
Facebook.
Forward-Looking Statements
Some of the statements in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements in this press
release include, without limitation, the timing and completion of
the reverse split. Although Moleculin believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Moleculin has attempted to identify
forward-looking statements by terminology including 'believes,'
'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,'
'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,'
'approximately' or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, including those discussed
under Item 1A. "Risk Factors" in our most recently filed Form 10-K
filed with the Securities and Exchange Commission ("SEC") and
updated from time to time in our Form 10-Q filings and in our other
public filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. We undertake
no obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
Investor Contact:
JTC Team, LLC
Jenene Thomas
(833) 475-8247
MBRX@jtcir.com
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SOURCE Moleculin Biotech, Inc.