PALO
ALTO, Calif., Jan. 4, 2024
/PRNewswire/ -- Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR)
(the "Company"), a commercial-stage biopharmaceutical company
focused on the development of innovative therapies for rare
metabolic diseases, today announced that it will conduct a reverse
stock split of its outstanding shares of common stock at a ratio of
1-for-30 (the "Reverse Stock Split"). The Reverse Stock Split will
become effective at 11:59 p.m. Eastern Time, on January 5, 2024. The Company's common stock will
begin trading on a post-split basis at the market open on
January 8, 2024. The Reverse Stock
Split is part of the Company's plan to regain compliance with the
minimum bid price requirement of $1.00 per share required to maintain continued
listing on The Nasdaq Global Market, among other benefits.
The Reverse Stock Split was approved by the Company's
stockholders at the Company's Special Meeting of Stockholders held
on December 28, 2023 (the "Special
Meeting") to be effected in the Board's discretion within approved
parameters. Following the Special Meeting, the final ratio was
approved by the Company's Board on December
28, 2023.
The Reverse Stock Split reduces the number of shares of the
Company's outstanding common stock from approximately 44.4 million
shares to approximately 1.5 million shares, subject to adjustment
due to the payment of cash in lieu of fractional shares. As a
result of the Reverse Stock Split, proportionate adjustments will
be made to the number of shares of the Company's common stock
underlying the Company's outstanding equity awards and the number
of shares issuable under the Company's equity incentive plans and
other existing agreements, as well as the exercise or conversion
price, as applicable. There will be no change to the number of
authorized shares or the par value per share.
Information for EIGR Stockholders
As a result of the reverse stock split, every thirty pre-split
shares of common stock outstanding will become one share of common
stock. The Company's transfer agent, Equiniti Trust Company, LLC,
will serve as the exchange agent for the reverse stock split.
Registered stockholders holding pre-split shares of the
Company's common stock electronically in book-entry form are not
required to take any action to receive post-split shares. Those
stockholders who hold their shares in brokerage accounts or in
"street name" will have their positions automatically adjusted to
reflect the reverse stock split, subject to each broker's
particular processes, and will not be required to take any action
in connection with the reverse stock split. Stockholders holding
shares of the Company's common stock in certificate form, if any,
will receive a transmittal letter from Equiniti with instructions
as soon as practicable after the effective date.
No fractional shares will be issued in connection with the
reverse stock split. Stockholders who otherwise would be entitled
to receive fractional shares will receive a cash payment in lieu of
such fractional shares.
About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on
the development of innovative therapies for rare metabolic
diseases. Eiger's lead product candidate, avexitide, is a well
characterized, first-in-class GLP-1 antagonist being developed for
the treatment of post-bariatric hypoglycemia (PBH) and congenital
hyperinsulinism (HI). Avexitide is the only drug in development for
PBH with Breakthrough Therapy designation from the FDA.
For additional information about Eiger and its clinical
programs, please visit www.eigerbio.com.
Note Regarding Forward-Looking Statements
Certain information contained in this press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We may in some cases
use terms such as "predicts," "believes," "potential," "continue,"
"anticipates," "estimates," "expects," "plans," "intends," "may,"
"could," "might," "likely," "will," "should" or other words that
convey uncertainty of the future events or outcomes to identify
these forward-looking statements. Our forward-looking statements
are based on current beliefs and expectations of our management
team that involve risks, potential changes in circumstances,
assumptions, and uncertainties, including statements regarding our
future stock price, the effect of the reverse stock split on
stockholders, our ability to regain compliance with the Nasdaq
continued listing requirements, and our financial condition, growth
and strategies. Any or all of the forward-looking statements may
turn out to be wrong or be affected by assumptions we make that
later turn out to be incorrect, or by known or unknown risks and
uncertainties. These forward-looking statements are subject to
risks and uncertainties including risks related to our ability to
regain compliance with Nasdaq's continued listing requirements or
otherwise maintain compliance with any other listing requirement of
the Nasdaq Global Market, including the Bid Price Requirement, the
potential de-listing of our shares from the Nasdaq Global Market
due to our failure to comply with the Bid Price Requirement or any
other requirement, and the other risks set forth in our filings
with the Securities and Exchange Commission, including in our
Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.
For all these reasons, actual results and developments could be
materially different from those expressed in or implied by our
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which are made only
as of the date of this Current Report on Form 8-K. We undertake no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances unless required by
law.
Investors:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Media:
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
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SOURCE Eiger BioPharmaceuticals, Inc.