TIDMAKR
RNS Number : 6747G
Akers Biosciences, Inc.
07 November 2018
November 7, 2018
Akers Biosciences, Inc.
Strategic Update
&
Reverse Stock Split
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers
Bio" or the "Company"), a developer of rapid health information
technologies, has issued the following Press Release in the US
concurrently with this announcement. The information communicated
in this announcement is inside information for the purposes of
Article 7 of Regulation 596/2014. The Company is not subject to the
UK Takeover Code. A further announcement will be made in due course
concerning the impact of the reverse stock split on the Company's
common stock trading on the AIM market of the London Stock
Exchange.
"Akers Biosciences Announces Intention to Explore Strategic
Alternatives to Maximize Shareholder Value
Announces 1:8 Reverse Stock Split
THOROFARE, N.J., November 7, 2018 (GLOBE NEWSWIRE) - Akers
Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the
"Company"), a developer of rapid health information technologies,
announces that the Board of Directors has initiated a process to
evaluate strategic alternatives to maximize shareholder value. This
process will consider a range of potential strategic alternatives
including, but not limited to, business combinations, while
simultaneously supporting the Company's management and employees in
the execution of the Company's current business activities.
The Company does not plan to disclose or comment on developments
regarding the strategic review process until it is complete or
further disclosure is deemed appropriate. There can be no assurance
that the exploration of strategic alternatives will result in any
transaction or other alternative.
Howard R. Yeaton, Chief Executive Officer, commented:
"The Board of Directors and management of the Company believes
that now is the right time to review strategic alternatives to
assess how best to maximize value for our shareholders. During this
process, the team will remain focused on advancing our current
business operations and serving our customers."
Reverse Stock Split
As announced by the Company on May 30, 2018, the Listing
Qualifications Department of the Nasdaq Stock Market granted the
Company a 180-day extension to meet the requirement of a minimum
$1.00 per share closing bid price of its common stock for ten (10)
consecutive business days for continued inclusion on the Nasdaq
Capital Market. The Company provided a written notice of its
intention to cure the deficiency during the 180-day extension
period by effecting a reverse stock split, if necessary.
Accordingly, the Company today announces that it is effecting a
reverse stock split of its issued and outstanding common stock of
no par value at a ratio of one (1) share of common stock for every
eight (8) shares of common stock on November 8, 2018. As a result
of the reverse stock split, there will be approximately 12,457,731
shares of common stock outstanding. 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 would result in a
stockholder owning a fractional share. Fractional shares will not
be issued as a result of the reverse stock split; instead, the
Board of Directors determined to effect an issuance of shares to
holders that would otherwise be entitled to a fractional share such
that any fractional shares will be rounded up to the nearest whole
number.
The Company's common stock will continue to trade on the Nasdaq
Capital Market under the stock ticker "AKER" but will trade under
the new CUSIP number 00973E300. Additional information concerning
the impact of the reverse stock split on the Company's common stock
trading on the AIM market of the London Stock Exchange will be
provided via the London Stock Exchange Regulatory News
Service."
Inquiries:
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief
Financial Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Ed Frisby / Scott Mathieson (Corporate Finance)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening
and testing products designed to deliver quicker and more
cost-effective healthcare information to healthcare providers and
consumers. The Company has advanced the science of diagnostics
while responding to major shifts in healthcare through the
development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. Such statements may include,
without limitation, statements with respect to the Company's plans,
compliance with the requirements of various regulatory agencies and
certain NASDAQ Stock Market listing rules, objectives, projections,
expectations and intentions and other statements identified by
words such as "projects," "may," "will," "could," "would," "should,
" "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "potential" or similar expressions, as they relate to the
Company, its subsidiaries, or its management. These statements are
based upon the current beliefs and expectations of the Company's
management and are subject to significant risks and uncertainties,
including those detailed in the Company's filings with the
Securities and Exchange Commission. Actual results, performance,
prospects, and opportunities to may differ materially from those
set forth in, or implied by, the forward-looking statements. These
forward-looking statements involve certain risks and uncertainties
that are subject to change based on various factors (many of which
are beyond the Company's control). The Company undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCZDLFBVFFXFBK
(END) Dow Jones Newswires
November 07, 2018 09:50 ET (14:50 GMT)
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