ContraVir Pharmaceuticals, Inc. Announces Reverse Stock Split
31 Maio 2019 - 9:00AM
ContraVir Pharmaceuticals, Inc. (Nasdaq: CTRV), a
biopharmaceutical company focused on the development of therapeutic
drugs for the treatment of liver disease arising from non-alcoholic
steatohepatitis (NASH) and chronic viral infection, announced today
a reverse split of its common stock, $0.0001 par value, at a ratio
of 1 for 70 effective May 31, 2019 (the “Effective Date”). The
Company’s common stock will begin trading on a split-adjusted basis
when the markets open on June 3, 2019 under the existing trading
symbol “CTRV.”
The reverse stock split is primarily intended to
bring the Company into compliance with the minimum bid price
requirement for maintaining its listing on the Nasdaq Capital
Market. The new CUSIP number for the common stock following the
reverse split will be 21234W400.
As a result of the reverse split, each seventy
pre-split shares of common stock outstanding will automatically
combine into one new share of common stock without any action on
the part of the holders, and the number of outstanding common
shares will be reduced from approximately 41.3 million shares to
approximately 590,500 shares. Proportionate adjustments will be
made to the conversion and exercise prices of the Company's
outstanding warrants, stock options, and to the number of shares
issued and issuable under the Company's equity incentive plans. The
common stock issued pursuant to the reverse stock split will remain
fully paid and non-assessable. The reverse stock split will not
affect the par value of the common stock.
On March 11, 2019 the board of directors of the
company approved the reverse stock split, subject to shareholder
approval. On May 2, 2019, a majority of the company’s shareholders
approved giving the Board discretionary authority to enact the
reverse stock split. The Board approved the reverse stock split on
a one for seventy ratio on May 9, 2019.
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. Any fractional shares of common stock resulting
from the reverse stock split will be rounded up to the nearest
whole post-split share and no shareholders will receive cash in
lieu of fractional shares. The Company’s transfer agent,
Philadelphia Stock Transfer, Inc. 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. Additional information about the reverse stock split can be
found in the company’s definitive proxy statement (Form DEF 14A)
filed with the Securities and Exchange Commission on April 2, 2019,
available free of charge at the SEC’s website, www.sec.gov, or at
the Company’s website, www.contravir.com. Philadelphia
Stock Transfer, Inc. can be reached by phone at (484) 416-3124 or
mail at 2320 Haverford Rd., Suite 230, Ardmore, PA 19003
About ContraVir
Pharmaceuticals
ContraVir is a clinical stage biopharmaceutical
company focused on the development of targeted therapies for liver
disease arising from non-alcoholic steatohepatitis (NASH) and
chronic hepatitis virus infection (HBV, HCV, HDV). The company’s
lead drug candidate, CRV431, reduces liver fibrosis and
hepatocellular carcinoma tumor burden in experimental models of
NASH. Preclinical studies also have demonstrated antiviral
activities towards HBV, HCV, and HDV through several mechanisms.
These diverse therapeutic activities result from CRV431’s potent
inhibition of cyclophilin enzymes, which are involved in many
disease processes. Currently in clinical phase development, CRV431
shows potential to play an important role in the overall treatment
of liver disease - from triggering events through to end-stage
disease. For more information, please
visit www.contravir.com.
Forward Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be
identified by the use of forward-looking words such as
“anticipate,” “believe,” “forecast,” “estimated,” and “intend,”
among others. These forward-looking statements are based on
ContraVir’s current expectations and actual results could differ
materially. There are a number of factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, substantial competition; our ability to continue as a
going concern; our need for additional financing; uncertainties of
patent protection and litigation; uncertainties with respect to
lengthy and expensive clinical trials, that results of earlier
studies and trials may not be predictive of future trial results;
uncertainties of government or third party payer reimbursement;
limited sales and marketing efforts and dependence upon third
parties; and risks related to failure to obtain FDA clearances or
approvals and noncompliance with FDA regulations. As with any drug
candidates under development, there are significant risks in the
development, regulatory approval, and commercialization of new
products. There are no guarantees that future clinical trials
discussed in this press release will be completed or successful, or
that any product will receive regulatory approval for any
indication or prove to be commercially successful. ContraVir
does not undertake an obligation to update or revise any
forward-looking statement. Investors should read the risk factors
set forth in ContraVir’s Form 10-K for the year ended
December 30, 2018 and other periodic reports filed with the
Securities and Exchange Commission.
For further information, please contact:Stephen
Kilmer ContraVir Investor Relations(646)
274-3580skilmer@contravir.com
Contravir Pharmaceuticals Inc (NASDAQ:CTRV)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Contravir Pharmaceuticals Inc (NASDAQ:CTRV)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024