Tetraphase Pharmaceuticals Announces Reverse Stock Split
September 26 2019 - 7:00AM
Business Wire
Tetraphase Pharmaceuticals, Inc. (Nasdaq: TTPH), a
biopharmaceutical company focused on commercializing its novel
tetracycline XERAVATM (eravacycline for injection) to treat serious
and life-threatening infections, announced today that it will
effect a 1-for-20 reverse stock split of its common stock that will
be effective at 5:00 p.m. Eastern Time today. The Company's common
stock will begin trading on a split-adjusted basis when the market
opens on September 27, 2019 under the existing symbol “TTPH”.
The reverse stock split is primarily intended to bring the
Company into compliance with the minimum bid price requirement for
maintaining its listing on the Nasdaq Global Select Market. The new
CUSIP number for the common stock following the reverse split will
be 88165N 204.
On September 25, 2019, the holders of a majority of the
Company's outstanding shares of common stock approved the reverse
stock split and gave the Company’s board of directors discretionary
authority to select a ratio for the split ranging from 1-for-5 to
1-for-20. The board of directors approved the reverse stock split
at a ratio of 1-for-20 on September [25], 2019.
The reverse stock split will affect all issued and outstanding
shares of the Company’s common stock, as well as the number of
shares of common stock available for issuance under the Company’s
equity incentive plans. In addition, the reverse stock split will
reduce the number of shares of common stock issuable upon the
exercise of stock options or warrants outstanding immediately prior
to the reverse split and correspondingly increase the respective
exercise prices. The par value of the Company’s common stock will
remain unchanged at $0.001 per share after the reverse stock split.
The reverse stock split will not change the authorized number of
shares of the Company’s common stock. The reverse stock split will
affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in the Company’s equity, except
to the extent that the reverse stock split results in some
stockholders owning a fractional share. No fractional shares will
be issued in connection with the reverse split. Stockholders who
would otherwise be entitled to receive a fractional share will
instead receive a cash payment based on today’s closing price of
the Company’s common stock as reported on Nasdaq.
The reverse stock split will reduce the number of shares of
common stock issued and outstanding from approximately 54.3 million
to approximately 2.7 million.
American Stock Transfer & Trust Company is acting as the
exchange agent and transfer agent for the reverse stock split.
Stockholders holding their shares in book-entry form or in
brokerage accounts need not take any action in connection with the
reverse stock split. Beneficial holders are encouraged to contact
their bank, broker or custodian with any procedural questions.
About Tetraphase Pharmaceuticals, Inc.
Tetraphase Pharmaceuticals, Inc. is a biopharmaceutical company
using its proprietary chemistry technology to create novel
tetracyclines for serious and life-threatening conditions,
including infections caused by many of the multidrug-resistant
bacteria highlighted as urgent public health threats by the World
Health Organization and the Centers for Disease Control and
Prevention. The Company has created more than 3,000 novel
tetracycline compounds using its proprietary technology platform.
Tetraphase's lead product XERAVA™ is approved for the treatment of
complicated intra-abdominal infections by the U.S. Food and Drug
Administration and the European Medicines Agency. The Company’s
pipeline also includes antibiotics TP-271 and TP-6076, which are
Phase 2 ready, and TP-2846, which is in preclinical testing for
acute myeloid leukemia. The Company intends to seek to out license
its pipeline candidates. Please visit www.tphase.com for more
company information.
Forward-Looking Statements
Any statements in this press release about our future
expectations, plans and prospects, including statements regarding
our strategy, future operations, prospects, plans and objectives,
including our ability to maintain our listing on the Nasdaq Global
Select Market, our intention to seek to out license our pipeline
candidates, and other statements containing the words
"anticipates," "believes," "expects," “intends,” "plans," “seeks,”
"will" and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including risk factors discussed in the "Risk
Factors" section of our quarterly report on Form 10-Q for the
period ended June 30, 2019, filed with the Securities and Exchange
Commission on August 8, 2019. In addition, the forward-looking
statements included in this press release represent our views as of
September 26, 2019. We anticipate that subsequent events and
developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190926005007/en/
Argot Partners Maeve Conneighton 212-600-1902
maeve@argotpartners.com
Tetraphase Pharmaceuticals (NASDAQ:TTPH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tetraphase Pharmaceuticals (NASDAQ:TTPH)
Historical Stock Chart
From Jul 2023 to Jul 2024