WIXOM, Mich., May 12, 2022 /PRNewswire/ -- Rockwell Medical,
Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to
transforming the treatment of iron deficiency and anemia
management, today announced that its Board of Directors has
approved a 1-for-11 reverse split of the Company's issued and
outstanding common stock (the "Reverse Stock Split"). The Reverse
Stock Split will become effective at 12:01
a.m. Eastern Time on May 13,
2022. Rockwell Medical's common stock is expected to begin
trading on the Nasdaq Capital Market on a split-adjusted basis on
May 13, 2022. The Company's common
stock will continue to trade under the symbol "RMTI."
At Rockwell's Annual Meeting of Stockholders held on
May 9, 2022, (the "2022 Annual
Meeting"), the Company's stockholders approved the amendment to the
Certificate of Incorporation to effect the Reverse Stock Split of
the Company's issued and outstanding common stock at a ratio of not
less than one-for-two and not more than one-for-fifteen, with such
ratio and the implementation and timing of such Reverse Stock Split
to be determined by the Company's Board of Directors.
The reverse stock split is primarily intended to bring the
Company into compliance with the minimum bid price requirements for
maintaining its listing on the Nasdaq Capital Market. The new CUSIP
number following the reverse stock split will be 774374300.
On May 9, 2022, the Company's
Board of Directors approved the reverse stock split at the ratio of
1-for-11 shares. The reverse stock split was approved by the
Company's stockholders at the annual meeting of stockholders held
on May 9, 2022 at a ratio ranging
from 1-for-2 up to a ratio of 1-for-15, such ratio to be determined
by the Board of Directors and included in a public
announcement.
As a result of the reverse stock split, every 11 shares of the
Company's common stock issued and outstanding will be automatically
reclassified into one new share of common stock. The reverse stock
split will not modify any rights or preferences of the shares of
the Company's common stock. Proportionate adjustments will be made
to the exercise prices and the number of shares underlying the
Company's outstanding equity awards, as applicable, and warrants,
as well as to the number of shares issued and issuable under the
Company's equity incentive plans. The common stock issued pursuant
to the reverse stock split will remain fully paid and
non-assessable. The reverse stock split will not affect the number
of authorized shares of common stock or the par value of the common
stock.
No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would otherwise be entitled
to receive fractional shares as a result of the reverse stock split
will be entitled to a cash payment in lieu thereof at a price equal
to the fraction to which the stockholder would otherwise be
entitled multiplied by the closing trading price per share of the
common stock (as adjusted for the reverse stock split) on the
Nasdaq Capital Market on the trading day immediately preceding the
effective time of the reverse stock split.
American Stock Transfer & Trust Company has been appointed
by the Company to act as its exchange agent for the reverse stock
split. Stockholders owning pre-split shares via a bank, broker or
other nominee will have their positions automatically adjusted to
reflect the reverse stock split and will not be required to take
further action in connection with the reverse stock split, subject
to brokers' particular processes. Similarly, registered
stockholders holding pre-split shares of the Company's common stock
electronically in book-entry form are also not required to take
further action in connection with the reverse stock split. Holders
of certificated shares will be contacted by the Company or its
exchange agent with further details about how to surrender old
certificates.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission (the "SEC") on April 8, 2022, which is available free of charge
at the SEC's website, www.sec.gov, and on the Company's website at
www.rockwellmed.com/financial-information.
About Rockwell Medical
Rockwell Medical is a
commercial-stage biopharmaceutical company developing and
commercializing its next-generation parenteral iron technology
platform, Ferric Pyrophosphate Citrate (FPC), which has the
potential to lead transformative treatments for iron deficiency in
multiple disease states, reduce healthcare costs and improve
patients' lives. The Company has two FDA-approved therapies
indicated for patients undergoing hemodialysis, which are the first
two products developed from the FPC platform. Rockwell
Medical is also advancing its FPC platform by developing FPC
for the treatment of iron deficiency anemia in patients outside of
dialysis, who are receiving intravenous medications in the home
infusion setting. In addition, Rockwell Medical is one of
two major suppliers of life-saving hemodialysis concentrate
products to kidney dialysis clinics in the United States. For more information,
visit www.RockwellMed.com.
Forward-Looking Statements
Certain statements in this
press release may constitute "forward-looking statements" within
the meaning of the federal securities laws. Words such as, "may,"
"might," "will," "should," "believe," "expect," "anticipate,"
"estimate," "continue," "could," "can," "would," "develop," "plan,"
"potential," "predict," "forecast," "project," "intend" or the
negative of these terms, and similar expressions, or statements
regarding intent, belief, or current expectations, are forward
looking statements. There can be no assurance that Rockwell Medical
will be able to realize any anticipated benefits from the reverse
stock split, including maintaining its listing on the Nasdaq
Capital Market. While Rockwell Medical believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties
(including, without limitation, those set forth in Rockwell
Medical's SEC filings), many of which are beyond our control and
subject to change. Actual results could be materially different.
Risks and uncertainties include, but are not limited to those risks
more fully discussed in the "Risk Factors" section of our Annual
Report on Form 10-K for the year ended December 31, 2021, as such description may be
amended or updated in any future reports we file with the SEC.
Rockwell Medical expressly disclaims any obligation to update our
forward-looking statements, except as may be required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rockwell-medical-announces-1-for-11-reverse-stock-split-301545847.html
SOURCE Rockwell Medical Technologies, Inc.