LAVAL, QB,
July 7,
2023 /PRNewswire/ -- Acasti Pharma Inc. ("Acasti" or
the "Company") (Nasdaq: ACST), a late-stage, biopharma company
advancing GTX-104, its novel formulation of nimodipine that
addresses the high unmet medical needs for a rare disease,
aneurysmal subarachnoid hemorrhage (aSAH), today announced that the
Company will effect a 1-for-6 reverse split of its issued and
outstanding common shares. The reverse stock split will become
effective July 10, 2023 at
12:01 a.m. ET. The Company's common
shares will trade on a split-adjusted basis on The NASDAQ Capital
Market, as of the opening of trading on Monday, July 10, 2023. The new CUSIP number for
the Company's common shares will be 00430K865.
The reverse stock split is being affected as part of the
Company's plan to regain compliance with the $1.00 minimum bid price continued listing
requirement of The NASDAQ Capital Market.
When the reverse stock split becomes effective, every six common
shares of Acasti will be automatically combined into one new common
share of Acasti. No fractional shares will be issued, and no cash
or other consideration will be paid. Instead, the Company will
issue one whole share of the post-split common shares to any
stockholder of record who otherwise would have received a
fractional share as a result of the reverse stock split.
The reverse stock split will reduce the number of outstanding
common shares from approximately 44.6 million shares to
approximately 7.4 million shares.
Acasti's transfer agent is Computershare Services Inc.
Stockholders holding paper certificates representing pre-split
holdings can contact our transfer agent by calling (800) 564-6253
(Canada and U.S.), (514) 982-7555
(Outside North America), or by email directed to
corporateactions@computershare.com for the procedure to exchange
existing stock certificates for new stock certificates or
book-entry shares. Certificates representing pre-split holdings
will be deemed to represent the stockholder's past split holdings
until the stockholder presents the certificate to the transfer
agent. Stockholders who are holding their shares in electronic form
or through a brokerage facility do not have to take any action as
the effects of the reverse stock split will automatically be
reflected in their brokerage accounts.
About Acasti
Acasti is a late-stage biopharma company with drug candidates
addressing rare and orphan diseases. Acasti's novel drug delivery
technologies have the potential to improve the performance of
currently marketed drugs by achieving faster onset of action,
enhanced efficacy, reduced side effects, and more convenient drug
delivery. Acasti's lead clinical assets have each been granted
Orphan Drug Designation by the FDA, which provides seven years of
marketing exclusivity post-launch in the
United States, and additional intellectual property
protection with over 40 granted and pending patents. Acasti's lead
development asset, GTX-104, is an intravenous infusion targeting
aneurysmal Subarachnoid Hemorrhage (aSAH), a rare and
life-threatening medical emergency in which bleeding occurs over
the surface of the brain in the subarachnoid space between the
brain and skull.
For more information, please
visit: https://www.acastipharma.com/en.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, as amended, Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, and "forward-looking information" within the meaning of
Canadian securities laws (collectively, "forward-looking
statements"). Such forward looking statements involve known and
unknown risks, uncertainties, and other factors that could cause
the actual results of Acasti to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements containing the terms "believes," "belief,"
"expects," "intends," "anticipates," "estimates", "potential,"
"should," "may," "will," "plans," "continue", "targeted" or other
similar expressions to be uncertain and forward-looking. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The forward-looking statements in this press release, including
statements concerning to compliance with the NASDAQ minimum bid
price requirement, the effect and timing of the reverse stock
split, including the estimated number of common shares outstanding
after affecting the reverse stock split, and the ability of the
Company's drug candidates to achieve improved performance of
currently marketed drugs, are based upon Acasti's current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, including, without limitation: (i) the success and
timing of regulatory submissions of the planned Phase 3 safety
study for GTX-104; (ii) regulatory requirements or developments and
the outcome and timing of the proposed IND application for GTX-104;
(iii) changes to clinical trial designs and regulatory pathways;
(iv) legislative, regulatory, political and economic developments;
and (v) actual costs associated with Acasti's clinical trials as
compared to management's current expectations. The foregoing list
of important factors that could cause actual events to differ from
expectations should not be construed as exhaustive and should be
read in conjunction with statements that are included herein and
elsewhere, including the risk factors detailed in documents that
have been and are filed by Acasti from time to time with the
Securities and Exchange Commission and Canadian securities
regulators. All forward-looking statements contained in this press
release speak only as of the date on which they were made. Acasti
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as required by applicable securities
laws.
For more information, please contact:
Acasti Contact:
Prashant Kohli
Chief Executive Officer
Tel: 450-686-4555
Email:info@acastipharma.com
www.acasti.com
Investor Relations:
Robert
Blum
Lytham Partners, LLC
602-889-9700
ACST@lythampartners.com
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SOURCE Acasti Pharma Inc.