Panbela Announces 1-for-20 Reverse Stock Split Effective January 18, 2024
16 1월 2024 - 10:00PM
Panbela Therapeutics, Inc. (Nasdaq: PBLA), a
clinical stage company developing disruptive therapeutics for the
treatment of patients with urgent unmet medical needs, today
announced that it will implement the previously announced and
stockholder approved 1-for-20 reverse split of its common stock.
The reverse stock split will be effective as of the morning of
January 18, 2024, and the company’s common stock will trade on a
post-split basis at the beginning of trading on the same date under
the existing trading symbol “PBLA.” The CUSIP number for the common
stock following the reverse stock split will be 69833W404.
The reverse stock split is primarily intended to increase the
market price per share of the company’s common stock to regain
compliance with the continued listing requirements of The Nasdaq
Capital Market. The company intends to continue to pursue
additional actions to satisfy the exchange’s other continued
listing requirements. The reverse stock split will reduce the
number of shares of the company’s common stock currently
outstanding to an estimated 480 thousand shares. Proportionate
adjustments will be made to the conversion and exercise prices of
the company’s outstanding stock purchase warrants, stock options
and to the number of shares issued and issuable under the company’s
equity incentive plans. The number of shares authorized for
issuance by the company will not decrease as a result of the
reverse stock split.
Information for StockholdersUpon the
effectiveness of the reverse stock split, each 20 shares of the
company’s issued and outstanding common stock will be automatically
combined and converted into one issued and outstanding share of
common stock. The reverse stock split will affect all stockholders
uniformly and will not alter any stockholder’s relative interest in
the company’s equity, except to the extent that the reverse stock
split would have resulted in a stockholder owning a fractional
share. Holders of common stock otherwise entitled to a fractional
share as a result of the reverse stock split will receive a cash
payment in lieu of such fractional share. The reverse stock split
will not change the par value of the common stock or modify the
rights or preferences of the common stock. The company’s transfer
agent, VStock Transfer, LLC, is acting as paying agent for the
reverse stock split and will provide stockholders of record holding
certificates representing pre-split shares of the company’s common
stock as of the effective date a letter of transmittal providing
instructions for the exchange of shares. 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. Stockholders owning shares via
a broker, bank, trust or other 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. VStock
can be reached at (212) 828-8436.
About PanbelaPanbela Therapeutics, Inc. is
a clinical-stage biopharmaceutical company developing disruptive
therapeutics for patients with urgent unmet medical needs.
Panbela’s lead assets are Ivospemin (SBP-101) and Flynpovi. Further
information can be found
at www.panbela.com . Panbela’s
common stock is listed on The Nasdaq Stock Market LLC under the
symbol “PBLA”.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release contains
“forward-looking statements,” including within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words
such as: “anticipate,” “believe,” “can,” “design,”
“expect,” “focus,” “intend,” “may,” “plan,” “positioned,”
“potential,” and “will.” All statements other than statements of
historical fact are statements that should be deemed
forward-looking statements. Forward-looking statements are
neither historical facts nor assurances of future
performance. Instead, they are based only on our current
beliefs, expectations, and assumptions regarding the future of our
business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict
and many of which are outside of our control. Our
actual results and financial condition may differ materially and
adversely from the forward-looking statements. Therefore, you
should not rely on any of these forward-looking
statements. Important factors that could cause our actual
results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others,
the following: (i) our ability to obtain additional funding to
execute our business and clinical development plans; (ii) progress
and success of our clinical development program; (iii) the impact
of the current COVID-19 pandemic on our ability to conduct our
clinical trials; (iv) our ability to demonstrate the safety and
effectiveness of our product
candidates: ivospemin (SBP-101) and
eflornithine (CPP-1X); (v) our reliance on a third party
for the execution of the registration trial for our product
candidate Flynpovi ; (vi) our ability to obtain
regulatory approvals for our product candidates, SBP-101
and CPP-1X in the United States, the European Union or
other international markets; (vii) the market acceptance and level
of future sales of our product candidates, SBP-101 and CPP-1X;
(viii) the cost and delays in product development that may result
from changes in regulatory oversight applicable to our product
candidates, SBP-101 and CPP-1X; (ix) the rate of progress in
establishing reimbursement arrangements with third-party payors;
(x) the effect of competing technological and market developments;
(xi) the costs involved in filing and prosecuting patent
applications and enforcing or defending patent claims; (xii)
our ability to maintain the listing of our common stock on
a national securities exchange; (xiii) administrative
requirements to effect the reverse stock split; and
(ix) such other factors as discussed in Part I, Item 1A under the
caption “Risk Factors” in our most recent Annual Report on Form
10-K, any additional risks presented in our Quarterly Reports on
Form 10-Q and our Current Reports on Form 8-K. Any
forward-looking statement made by us in this press release is based
on information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation
to publicly update any forward-looking statement or reasons why
actual results would differ from those anticipated in any such
forward-looking statement, whether written or oral,
whether as a result of new information, future
developments or otherwise.
Contact Information:
Investors:James CarbonaraHayden IR(646)
755-7412james@haydenir.com
Media:Tammy GroenePanbela Therapeutics, Inc.(952)
479-1196IR@panbela.com
Panbela Therapeutics (NASDAQ:PBLA)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Panbela Therapeutics (NASDAQ:PBLA)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024