HOUSTON, Nov. 28,
2022 /PRNewswire/ -- CNS Pharmaceuticals,
Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a
biopharmaceutical company specializing in the development of novel
treatments for primary and metastatic cancers in the brain and
central nervous system, today announced a 1-for-30 reverse split of
its common stock, effective at 4:01 PM
ET today. Beginning on November 29,
2022, the Company's common stock will continue to trade on
The Nasdaq Capital Market ("Nasdaq") on a split adjusted basis
under the trading symbol "CNSP", but will trade under the following
new CUSIP number: 18978H201.
The reverse stock split was approved by CNS Pharmaceuticals'
stockholders at the 2022 annual meeting of stockholders. The
reverse stock split is primarily intended to increase the Company's
per share trading price and bring the Company into compliance with
the Nasdaq's listing requirement regarding minimum share price.
As a result of the reverse stock split, every 30 shares of
common stock issued and outstanding as of the effective date will
be automatically combined into one share of common stock.
Outstanding warrants, equity-based awards and other outstanding
equity rights will be proportionately adjusted by dividing the
shares of common stock underlying the securities by 30 and
multiplying the exercise/conversion price, as the case may be, by
30. 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. The par value
of the common stock will remain unchanged at $0.001 per share after the reverse split, and the
number of authorized shares of common stock will remain at 75
million shares. The reverse split affects all stockholders
uniformly and will not alter any stockholder's percentage interest
in the Company's equity, except to the extent that the reverse
split results in some stockholders owning a fractional share as
described above.
About CNS Pharmaceuticals,
Inc.
CNS Pharmaceuticals a clinical-stage pharmaceutical company
developing a pipeline of anti-cancer drug candidates for the
treatment of primary and metastatic cancers of the brain and
central nervous system. The Company's lead drug candidate,
Berubicin, is a novel anthracycline and the first anthracycline to
appear to cross the blood-brain barrier. Berubicin is currently in
development for the treatment of a number of serious brain and CNS
oncology indications including glioblastoma multiforme (GBM), an
aggressive and incurable form of brain cancer.
For more information, please visit www.CNSPharma.com, and
connect with the Company on Twitter, Facebook, and LinkedIn.
Forward-Looking
Statements
Some of the statements in this press 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. These statements relate to future events,
future expectations, plans and prospects. Although CNS believes 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. CNS 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 CNS's most recently filed Form 10-K filed with the
Securities and Exchange Commission ("SEC") and updated from time to
time in its Form 10-Q filings and in its other public filings with
the SEC. Any forward-looking statements contained in this press
release speak only as of its date. CNS undertakes no obligation to
update any forward-looking statements contained in this press
release to reflect events or circumstances occurring after its date
or to reflect the occurrence of unanticipated events.
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SOURCE CNS Pharmaceuticals, Inc.