NEW YORK & LONDON & PARIS–(BUSINESS WIRE)–Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) a clinical stage biopharmaceutical company dedicated to tackling unmet medical needs in oncology, autoimmune and infectious diseases, today announced a 1-for-10 reverse stock split of the Company’s Class A Ordinary Shares, effective at 12:01 a.m. Eastern Time on January 23, 2023. The Company’s Class A Ordinary Shares is expected to commence trading on a split-adjusted basis when the markets open on January 23, 2023. The Company’s Class B Ordinary Shares shall also be split on a 1-for-10 reverse basis.
At the Company’s Annual General Meeting of Shareholders (the “Annual Meeting”) held on December 21, 2022, the Company’s shareholders approved grating the Company’s board of directors the right to implement a reverse stock split in which every 10 Class A Ordinary Shares, par value of US$1.00 per share, in the authorized share capital of the Company (including issued and unissued share capital) be consolidated into 1 Class A Ordinary Share, par value of US$10.00 per share, and that every 10 Class B Ordinary Shares, par value of US$1.00 per share in the authorized share capital of the Company (including issued and unissued share capital) be consolidated into 1 Class B Ordinary Share, par value of US$10.00 per share. On January 6, 2023, the Company’s Board of Directors approved the 1-for-10 reverse split to be effective as of January 23, 2023.
The Company’s Board of Directors implemented the reverse stock split with the objective of regaining compliance with the $1.00 minimum bid price requirement of The Nasdaq Global Market. The Company has until May 16, 2023 to comply with this requirement. To comply with this requirement, the closing bid price of the Company’s Class A Ordinary Shares must be at least $1.00 per share for a minimum of 10 consecutive business days prior to May 16, 2023. There is no guarantee the Company will meet the minimum bid price requirement.
The Company’s shares of Class A Ordinary Shares will continue to trade on the NASDAQ under the symbol “APM.” The new CUSIP number for the Company’s Class A Ordinary Shares post-reverse stock split is G6096M 114.
Upon the effectiveness of the reverse stock split, every 10 shares of the Company’s issued and outstanding Class A Ordinary Shares will automatically be converted into one share of Class A Ordinary Shares. Any fraction of a share of common stock that would be created as a result of the reverse stock split be rounded up to the next whole share.
About Aptorum Group
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic assets to treat diseases with unmet medical needs, particularly in oncology (including orphan oncology indications), autoimmune and infectious diseases. Aptorum has completed two phase I clinical trials for its ALS-4 (MRSA) and orphan drug designated SACT-1 (Neuroblastoma) small molecule drugs and commercializing its NLS-2 NativusWell® nutraceutical (menopause). The pipeline of Aptorum is also enriched through (i) the establishment of drug discovery platforms that enable the discovery of new therapeutics assets through, e.g. systematic screening of existing approved drug molecules, and microbiome-based research platform for treatments of metabolic diseases; and (ii) the co-development and ongoing clinical validation of its novel molecular-based rapid pathogen identification and detection diagnostics technology with Singapore’s Agency for Science, Technology and Research.
For more information about Aptorum Group, please visit www.aptorumgroup.com.