ZyVersa Therapeutics, Inc. Announces Reverse Stock Split and Increase in Authorized Shares of Common Stock
01 12월 2023 - 1:30AM
ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa” or the
“Company”), a clinical stage specialty biopharmaceutical company
developing first-in-class drugs for treatment of renal and
inflammatory diseases with high unmet needs, announces that its
board of directors has approved a 1-for-35 reverse stock split of
the Company’s common stock. The board of directors has also
approved an increase in the Company’s authorized shares of capital
stock. The Company’s stockholders approved the reverse stock split
and the increase in authorized capital stock at the Company’s
Annual Meeting of Stockholders held on October 31, 2023. The
stockholders granted the board of directors the authority to
determine the exact split ratio and when to proceed with the
reverse stock split.
The reverse stock split will become effective on December 4,
2023 at 4:01 pm, Eastern Time, (“Effective Time”) and the Company’s
common stock is expected to begin trading on a reverse stock
split-adjusted basis on The Nasdaq Global Market (“Nasdaq”) on
December 5, 2023 at market open under the existing ticker symbol,
“ZVSA.” The reverse stock split is intended to increase the price
per share of the Company’s common stock to allow the Company to
demonstrate compliance with the $1.00 minimum bid price requirement
for continued listing on Nasdaq, among other benefits.
As of the Effective Time, every 35 shares of the Company’s
issued and outstanding common stock will be combined into one share
of common stock. The par value per share of our common stock will
remain unchanged at $0.0001. Proportional adjustments will be made
to the number of shares of common stock issuable upon the exercise
of the Company’s equity awards, convertible securities and
warrants, as well as the applicable exercise price, and the number
of shares authorized and reserved for issuance pursuant to the
Company’s equity incentive plans.
No fractional shares will be issued as a result of the reverse
stock split; rather, the Company will issue an additional fraction
of a share of common stock to round the number of shares to the
nearest whole share, so no stockholder will hold fractional shares
following the reverse stock split.
The Company’s transfer agent, Continental Stock & Trust
Company, will serve as the exchange agent for the reverse stock
split. Registered stockholders holding pre-reverse stock split
shares of common stock electronically in book-entry form are not
required to take any action to receive post-reverse stock split
shares. Those stockholders who hold their shares in brokerage
accounts or in “street name” will have their positions
automatically adjusted to reflect the reverse stock split, subject
to each broker’s particular processes, and will not be required to
take any action in connection with the reverse stock split.
Likewise, effective November 30, 2023, the Company amended its
certificate of incorporation to increase the authorized number of
shares of the Company’s capital stock from 111,000,000 to
251,000,000 and the number of authorized shares of common stock
from 110,000,000 to 250,000,000.
Additional information about the reverse stock split and
increase in authorized capital stock can be found in the Company’s
definitive proxy statement filed with the Securities and Exchange
Commission on September 13, 2023, a copy of which is available at
www.sec.gov.
About ZyVersa Therapeutics
ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty
biopharmaceutical company leveraging advanced, proprietary
technologies to develop first-in-class drugs for patients with
renal and inflammatory diseases who have significant unmet medical
needs. The Company is currently advancing a therapeutic development
pipeline with multiple programs built around its two proprietary
technologies – Cholesterol Efflux Mediator™ VAR 200 for treatment
of kidney diseases, and Inflammasome ASC Inhibitor IC 100,
targeting damaging inflammation associated with numerous CNS and
other inflammatory diseases. For more information, please visit
www.zyversa.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this press release regarding
matters that are not historical facts, are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. These include statements regarding
management’s intentions, plans, beliefs, expectations, or forecasts
for the future, and, therefore, you are cautioned not to place
undue reliance on them. No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as
“anticipates,” “believes,” “plans,” “expects,” “projects,”
“future,” “intends,” “may,” “will,” “should,” “could,” “estimates,”
“predicts,” “potential,” “continue,” “guidance,” and similar
expressions to identify these forward-looking statements that are
intended to be covered by the safe-harbor provisions. Such
forward-looking statements are based on ZyVersa’s expectations and
involve risks and uncertainties; consequently, actual results may
differ materially from those expressed or implied in the statements
due to a number of factors, including the effect that the reverse
stock split may have on the price of ZyVersa’s common stock and
ZyVersa’s ability to maintain its listing on The Nasdaq Global
Market.
New factors emerge from time-to-time, and it is not possible for
ZyVersa to predict all such factors, nor can ZyVersa assess the
impact of each such factor on the business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. Forward-looking statements included in this press
release are based on information available to ZyVersa as of the
date of this press release. ZyVersa disclaims any obligation to
update such forward-looking statements to reflect events or
circumstances after the date of this press release, except as
required by applicable law.
Corporate and IR Contact:Karen CashmereChief
Commercial Officerkcashmere@zyversa.com786-251-9641
Media ContactsTiberend Strategic Advisors,
Inc.Casey McDonaldcmcdonald@tiberend.com646-577-8520
Dave
Schemeliadschemelia@tiberend.com609-468-9325
ZyVersa Therapeutics (NASDAQ:ZVSA)
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ZyVersa Therapeutics (NASDAQ:ZVSA)
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