NEWTON,
Mass., Feb. 24, 2025 /PRNewswire/ -- Karyopharm
Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical
company pioneering novel cancer therapies, today announced that it
will implement a 1-for-15 reverse stock split of the issued shares
of the Company's common stock ("Reverse Stock Split"), effective at
5:00 p.m. Eastern Time on
February 25, 2025. The Reverse Stock
Split was approved by the Company's stockholders at the Company's
Special Meeting of Stockholders held on January 30, 2025, with the final ratio
subsequently determined by the Company's Board of Directors. One of
the primary goals of the Reverse Stock Split is to increase the
per-share market price of the Company's common stock to enable the
Company to regain compliance with the minimum bid price requirement
for continued listing on the Nasdaq Global Select Market.
The Company's common stock is expected to begin trading on a
split-adjusted basis when the markets open on February 26, 2025 under the Company's existing
trading symbol "KPTI" with the new CUSIP number 48576U 205.
At the effective time of the Reverse Stock Split, every 15
shares of the Company's issued and outstanding common stock will be
automatically reclassified and combined into 1 share of common
stock. This will reduce the number of issued and outstanding shares
of common stock from approximately 126.2 million shares to
approximately 8.4 million shares. The Reverse Stock Split will
proportionately reduce the number of authorized shares of the
Company's common stock from 800,000,000 shares to 53,333,333
shares. In addition, proportionate adjustments will be made to the
number of shares of common stock available for issuance under the
Company's equity incentive plans; the number of shares underlying,
and the exercise prices of, outstanding equity awards under such
plans and outstanding warrants; and the conversion rates of
outstanding convertible notes, in accordance with their respective
terms and as described in the Company's proxy statement for the
Special Meeting of Stockholders as filed with the Securities and
Exchange Commission on December 16,
2024 (the "Proxy Statement").
No fractional shares will be issued, if, as a result of the
Reverse Stock Split, a stockholder would otherwise become entitled
to a fractional share because the number of shares of common stock
they hold before the Reverse Stock Split is not evenly divisible by
the split ratio. Instead, each stockholder will be entitled to
receive a cash payment in lieu of a fractional share.
Computershare Trust Company, N.A., is acting as the exchange
agent and transfer agent for the Reverse Stock Split. Stockholders
holding their shares electronically are not required to take any
action to receive post-split shares. Stockholders owning shares
through a bank, broker or other nominee will have their positions
adjusted to reflect the Reverse Stock Split and will receive
payment for any fractional shares in accordance with their
respective bank's, broker's, or nominee's particular processes.
Additional information about the Reverse Stock Split can be
found in the Proxy Statement and on the Company's Investor
Relations website at https://investors.karyopharm.com/.
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a
commercial-stage pharmaceutical company whose dedication to
pioneering novel cancer therapies is fueled by a belief in the
extraordinary strength and courage of patients with cancer. Since
its founding, Karyopharm has been an industry leader in oral
compounds that address nuclear export dysregulation, a fundamental
mechanism of oncogenesis. Karyopharm's lead compound and
first-in-class, oral exportin 1 (XPO1) inhibitor,
XPOVIO® (selinexor), is approved in the U.S. and
marketed by the Company in three oncology indications. It has also
received regulatory approvals in various indications in a growing
number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and
China. Karyopharm has a focused
pipeline targeting indications in multiple high unmet need cancers,
including in multiple myeloma, endometrial cancer, myelofibrosis,
and diffuse large B-cell lymphoma (DLBCL). For more information
about our people, science and pipeline, please visit
www.karyopharm.com, and follow us on LinkedIn and on X at
@Karyopharm.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Such forward-looking statements include those regarding the
Reverse Stock Split and authorized share reduction and the timing
thereof; the impact of the Reverse Stock Split and authorized share
reduction on stockholders; the potential impact of the Reverse
Stock Split on the Company's share price; and the potential for the
Company to regain compliance with the minimum bid price requirement
for continued listing on the Nasdaq Global Select Market. Such
statements are subject to numerous important factors, risks and
uncertainties, many of which are beyond Karyopharm's control, that
may cause actual events or results to differ materially from
Karyopharm's current expectations. For example, there can be no
guarantee that Karyopharm will successfully commercialize XPOVIO or
that any of Karyopharm's drug candidates, including selinexor, will
successfully complete necessary clinical development phases or that
development of any of Karyopharm's drug candidates will continue.
Further, there can be no guarantee that any positive developments
in the development or commercialization of Karyopharm's drug
candidate portfolio will result in stock price appreciation.
Management's expectations and, therefore, any forward-looking
statements in this press release could also be affected by risks
and uncertainties relating to a number of other factors, including
the following: the adoption of XPOVIO in the commercial
marketplace, the timing and costs involved in commercializing
XPOVIO or any of Karyopharm's drug candidates that receive
regulatory approval; the ability to obtain and retain regulatory
approval of XPOVIO or any of Karyopharm's drug candidates that
receive regulatory approval; Karyopharm's results of clinical
trials and preclinical trials, including subsequent analysis of
existing data and new data received from ongoing and future trials;
the content and timing of decisions made by the U.S. Food and Drug
Administration and other regulatory authorities, investigational
review boards at clinical trial sites and publication review
bodies, including with respect to the need for additional clinical
trials; the ability of Karyopharm or its third party collaborators
or successors in interest to fully perform their respective
obligations under the applicable agreement and the potential future
financial implications of such agreement; Karyopharm's ability to
enroll patients in its clinical trials; unplanned cash requirements
and expenditures; substantial doubt exists regarding Karyopharm's
ability to continue as a going concern; development or regulatory
approval of drug candidates by Karyopharm's competitors for
products or product candidates in which Karyopharm is currently
commercializing or developing; the direct or indirect impact of the
COVID-19 pandemic or any future pandemic on Karyopharm's business,
results of operations and financial condition; and Karyopharm's
ability to obtain, maintain and enforce patent and other
intellectual property protection for any of its products or product
candidates. These and other risks are described under the caption
"Risk Factors" in Karyopharm's Annual Report on Form 10-K for the
year ended December 31, 2024, which
was filed with the Securities and Exchange Commission (SEC) on
February 19, 2025, and in other
filings that Karyopharm may make with the SEC in the future. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and, except as required by law,
Karyopharm expressly disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
XPOVIO® and NEXPOVIO® are registered
trademarks of Karyopharm Therapeutics Inc.
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SOURCE Karyopharm Therapeutics Inc.
