BOSTON and ATLANTA, June 29,
2023 /PRNewswire/ -- Inhibikase Therapeutics, Inc.
(Nasdaq: IKT) (Inhibikase or Company), a clinical-stage
pharmaceutical company developing protein kinase inhibitor
therapeutics to modify the course of Parkinson's disease ("PD"),
Parkinson's-related disorders and other diseases of the Abelson
Tyrosine Kinases, today announced that it will effect a 1-for-6
reverse stock split of its common stock. The reverse stock split
will become effective at 12:01A.M June 30,
2023. Inhibikase's common stock will continue to be
traded on the Nasdaq Capital Market under the symbol "IKT" and will
begin trading on a split-adjusted basis when the market opens on
June 30, 2023.
The reverse stock split, which was approved by Inhibikase's
stockholders on June 23, 2023, is
intended to bring the company into compliance with Nasdaq's minimum
bid price requirement. The new CUSIP number for the company's
common stock following the reverse stock split will be
45719W205.
At the effective time of the reverse stock split, every 6 shares
of Inhibikase's issued and outstanding common stock will be
converted automatically into 1 issued and outstanding share of
common stock without any change in the par value per share. This
will reduce the Company's number of shares of common stock
outstanding from approximately 31.6 million shares to approximately
5.3 million shares.
No fractional shares of common stock will be issued as a result
of the reverse stock split. Instead stockholders who would
otherwise be entitled to receive a fractional share as a result of
the reverse stock split will receive one whole share of our common
stock in lieu of such fractional share. The reverse stock
split will affect all stockholders uniformly and will not alter any
stockholder's percentage interest in Inhibikase's equity, except to
the extent that the reverse stock split would result in a
stockholder owning a fractional share. Proportional adjustments
will be made to the number of shares of Inhibikase's common stock
issuable upon exercise of Inhibikase's stock options and warrants,
as well as the applicable exercise price.
Stockholders owning shares via a broker, bank, trust, or nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to such broker's particular processes,
and will not be required to take any action in connection with the
reverse stock split. Stockholders who hold shares in brokerage
accounts should direct any questions concerning the reverse stock
split to their broker; all other stockholders may direct questions
to the company's transfer agent, American Stock Transfer &
Trust Company, LLC, who is acting as exchange agent for the reverse
stock split, at: 800-937-5449.
About Inhibikase
(www.inhibikase.com)
Inhibikase Therapeutics,
Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company
developing therapeutics for Parkinson's disease and related
disorders. Inhibikase's multi-therapeutic pipeline has a primary
focus on neurodegeneration and its lead program IkT-148009, an
Abelson Tyrosine Kinase (c-Abl) inhibitor, targets the treatment of
Parkinson's disease inside and outside the brain as well as other
diseases that arise from Ableson Tyrosine Kinases. Its
multi-therapeutic pipeline is pursuing Parkinson's-related
disorders of the brain and GI tract, orphan indications related to
Parkinson's disease such as Multiple System Atrophy, and drug
delivery technologies for kinase inhibitors such as IkT-001Pro, a
prodrug of the anticancer agent imatinib mesylate that the Company
believes will provide a better patient experience with fewer
on-dosing side-effects. The Company's RAMP™ medicinal chemistry
program has identified a number of follow-on compounds to
IkT-148009 to be potentially applied to other cognitive and motor
function diseases of the brain. Inhibikase is headquartered in
Atlanta, Georgia with an office in
Lexington, Massachusetts.
Social Media Disclaimer
Investors and others should
note that we announce material financial information to our
investors using our investor relations website, press releases, SEC
filings and public conference calls and webcasts. The Company
intends to also
use Twitter, Facebook, LinkedIn and YouTube as
a means of disclosing information about the Company, its services
and other matters and for complying with its disclosure obligations
under Regulation FD.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
terminology such as "believes," "expects," "may," "will," "should,"
"anticipates," "plans," or similar expressions or the negative of
these terms and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based on Inhibikase's current expectations and assumptions. Such
statements are subject to certain risks and uncertainties, which
could cause Inhibikase's actual results to differ materially from
those anticipated by the forward-looking statements, including our
ability to successfully conduct clinical trials, that results in
our animal studies may not be replicated in humans and our ability
to maintain our Nasdaq listing. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include factors that are delineated in
our periodic reports on Form 10-K and Form 10-Q that we file with
the U.S. Securities and Exchange Commission. Any forward-looking
statement in this release speaks only as of the date of this
release. Inhibikase undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
Contacts:
Company Contact:
Milton H.
Werner, PhD
President & CEO
678-392-3419
info@inhibikase.com
Investor Relations:
Alex
Lobo
SternIR, Inc.
alex.lobo@sternir.com
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SOURCE Inhibikase Therapeutics, Inc.