Common stock will begin trading on
split-adjusted basis on April 5,
2024
NEW
YORK, April 3, 2024 /PRNewswire/ --
Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the
"Company"), an emerging biopharmaceutical company developing
therapeutics for neurodegenerative disorders, today announced that
it intends to effect a reverse stock split of its common stock at a
ratio of 1 post-split share for every 25 pre-split shares. The
reverse stock split will become effective at 5:00 p.m. Eastern
Standard Time on Thursday, April 4,
2024. SNPX common stock will continue to be traded on The
Nasdaq Capital Market under the symbol SNPX and will begin trading
on a split-adjusted basis when the market opens on Friday, April 5, 2024. The new CUSIP number for
SNPX common stock following the reverse stock split will be 87167T
300. The reverse split is intended to increase the per-share
trading price of the Company's common stock to enable the Company
to regain compliance with the minimum bid price requirement for
continued listing on The Nasdaq Capital Market.
At the effective time of the reverse stock split, every 25
shares of the Company's issued and outstanding common stock will be
converted automatically into one issued and outstanding share of
common stock without any change in the par value per share.
Stockholders holding their shares electronically in book-entry form
are not required to take any action to receive post-split shares.
Stockholders owning shares through a bank, broker, or other nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to brokers' particular processes, and
will not be required to take any action in connection with the
reverse stock split. For those stockholders holding physical stock
certificates, the Company's transfer agent, Pacific Stock Transfer
Company, will send instructions for exchanging those certificates
for shares held electronically in book-entry form or for new
certificates, in either case representing the post-split number of
shares, and any payments in cash in lieu of fractional shares, if
applicable.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. No
fractional shares will be issued in connection with the reverse
stock split. Stockholders who would otherwise hold a fractional
share of the Company's common stock following the reverse stock
split will receive a cash payment in lieu thereof at a price equal
to that fractional share to which the stockholder would otherwise
be entitled multiplied by the closing sale price of the common
stock on The Nasdaq Capital Market, as adjusted for the reverse
stock split, April 4, 2024.
The reverse stock split will reduce the number of shares of SNPX
common stock outstanding from 27,133,349 shares, the number of
shares outstanding on April 2, 2024,
to approximately 1,085,333 shares, subject to adjustment for
fractional shares. Proportional adjustments will be made to the
number of shares of SNPX common stock issuable upon exercise or
conversion of the Company's equity awards, convertible preferred
stock and warrants, as well as the applicable exercise or
conversion price.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that
has historically worked to develop novel therapies
for neurodegenerative diseases. Synaptogenix has conducted
clinical and preclinical studies of its lead therapeutic candidate,
Bryostatin-1, in Alzheimer's disease. Preclinical studies have also
demonstrated bryostatin's regenerative mechanisms of action for the
rare disease Fragile X syndrome, and for other neurodegenerative
disorders such as multiple sclerosis, stroke, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Synaptogenix for Bryostatin-1 as a treatment
for Fragile X syndrome. Bryostatin-1 has already undergone testing
in more than 1,500 people in cancer studies, thus creating a large
safety data base that will further inform clinical trial designs.
Additional information about Synaptogenix, Inc. may be found on its
website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include statements
regarding the timing and effectiveness of the reverse split and the
Company's ability to regain compliance with Nasdaq's minimum bid
price. Such forward-looking statements are subject to risks and
uncertainties and other influences, many of which the Company has
no control over. There can be no assurance that the clinical
program for Bryostatin-1 will be successful in demonstrating safety
and/or efficacy, that the Company will not encounter problems or
delays in clinical development, or that Bryostatin-1 will ever
receive regulatory approval or be successfully commercialized.
Actual results and the timing of certain events and circumstances
may differ materially from those described by the forward-looking
statements as a result of these risks and uncertainties. Additional
factors that may influence or cause actual results to differ
materially from expected or desired results may include, without
limitation, the Company's inability to obtain adequate financing,
the significant length of time associated with drug development and
related insufficient cash flows and resulting illiquidity, the
Company's patent portfolio, the Company's inability to expand its
business, significant government regulation of pharmaceuticals and
the healthcare industry, lack of product diversification,
availability of the Company's raw materials, existing or increased
competition, stock volatility and illiquidity, and the Company's
failure to implement its business plans or strategies. These and
other factors are identified and described in more detail in the
Company's filings with the Securities and Exchange Commission. The
Company does not undertake to update these forward-looking
statements.
Contact
800-811-5591
ir@synaptogen.com
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SOURCE Synaptogenix, Inc.