Adamis Pharmaceuticals Announces Reverse Stock Split
19 Maio 2023 - 1:00PM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a
commercial-stage biopharmaceutical company, announced today that it
will effect a 1-for-70 reverse stock split of its common stock that
will become effective on May 22, 2023, at 12:01 a.m., Eastern Time.
Adamis’ common stock will continue to trade on The Nasdaq Capital
Market ("Nasdaq") under the symbol “ADMP” and will begin trading on
a split-adjusted basis when the market opens on May 22, 2023.
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 minimum bid price requirement for maintaining
its listing on Nasdaq. To regain compliance with this requirement,
the closing bid price of the common stock must be at least $1.00
per share for a minimum of 10 consecutive business days by June 26,
2023. The reverse stock split is also a closing condition pursuant
to the Company’s previously announced merger transaction with DMK
Pharmaceuticals Corporation.
At the Company’s Special Meeting of Stockholders held on May 15,
2023, stockholders approved a proposal to authorize a reverse stock
split, at a ratio of between 1-for-2 to 1-for 100. Following the
Special Meeting, the board of directors of the Company met and
approved the 1-for-70 reverse split ratio and the Company
subsequently filed a Certificate of Amendment (the "Charter
Amendment") to its Restated Certificate of Incorporation (the
"Restated Certificate") to effect the reverse split. The new CUSIP
number for the common stock following the reverse split will be
00547W 307.
The reverse split will affect all issued and outstanding shares
of common stock. All outstanding options, restricted stock unit
awards, and warrants will be proportionately adjusted as a result
of the reverse split, pursuant to their respective terms. The par
value of the common stock will remain at $0.0001 per share and the
total number of authorized shares of common stock and preferred
stock provided in the Restated Certificate will remain unchanged.
No fractional shares will be issued in connection with the Reverse
Split. Stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment (without
interest) equal to the fair value of the fractional share. The
reverse split will affect all stockholders uniformly and will not
alter any stockholder's percentage interest in the Company's equity
(other than as a result of the payment of cash in lieu of
fractional shares).
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
opioid overdose, allergy, respiratory and inflammatory disease. The
Company’s products approved by the FDA include
ZIMHI® (naloxone) Injection for the treatment of opioid
overdose and SYMJEPI® (epinephrine) Injection for use in the
emergency treatment of acute allergic reactions, including
anaphylaxis. For additional information about Adamis
Pharmaceuticals, please visit our website and follow us
on Twitter and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are identified by terminology such
as “may,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “target,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar words. Such forward-looking
statements include those that express plans, anticipation, intent,
contingencies, goals, targets or future development and/or
otherwise are not statements of historical fact. These statements
relate to future events or future results of operations, including,
but not limited to statements concerning the following matters: (i)
the Company’s ability to regain compliance with Nasdaq listing
standards so that the Company’s common stock continues to be listed
on the Nasdaq Capital Market; (ii) the Company’s ability to raise
capital to continue as a going concern; and (iii) those risks
detailed in Adamis’ most recent Annual Report on Form 10-K and
subsequent reports filed with the Securities and Exchange
Commission (“SEC”), as well as other documents that may be filed by
Adamis from time to time with the SEC. These statements are only
predictions and involve known and unknown risks, uncertainties, and
other factors, which may cause Adamis’ actual results to be
materially different from the results anticipated by such
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. Adamis
cannot assure you that the events and circumstances reflected in
the forward-looking statements will be achieved or occur, and
actual results could differ materially from those projected in the
forward-looking statements. Factors that could cause actual results
to differ materially from management’s current expectations include
those risks and uncertainties relating to: our ability to maintain
the continued listing of the common stock on the Nasdaq Capital
Market, including without limitation regaining compliance with the
Nasdaq $1.00 minimum bid price requirements and the $35 million
market value of listed securities requirement; our cash flow, cash
burn, expenses, obligations and liabilities; the outcomes of any
litigation, regulatory proceedings, inquiries or investigations
that we are or may become subject to; our ability to consummate our
previously-announced proposed merger transaction with DMK
Pharmaceuticals Corporatoin; and other important factors discussed
in the Company’s filings with the Securities and Exchange
Commission (“SEC”). If we do not obtain required additional equity
or debt funding in the near term, our cash resources will be
depleted and we could be required to materially reduce or suspend
operations, which would likely have a material adverse effect on
our business, stock price and our relationships with third parties
with whom we have business relationships, at least until additional
funding is obtained. If we do not have sufficient funds to continue
operations or satisfy out liabilities, we could be required to seek
bankruptcy protection or other alternatives to attempt to resolve
our obligations and liabilities that could result in our
stockholders losing most or all of their investment in us. You
should not place undue reliance on any forward-looking statements.
Further, any forward-looking statement speaks only as of the date
on which it is made, and except as may be required by applicable
law, we undertake no obligation to update or release publicly the
results of any revisions to these forward-looking statements or to
reflect events or circumstances arising after the date of this
press release. Certain of these risks and additional risks,
uncertainties, and other factors are described in greater detail in
Adamis’ filings from time to time with the SEC, including its
annual report on Form 10-K for the year ended December 31, 2022,
and subsequent filings with the SEC, which Adamis strongly urges
you to read and consider, all of which are available free of charge
on the SEC’s website at http://www.sec.gov.
Contact:Adamis Investor RelationsRobert UhlManaging DirectorICR
Westwicke619.228.5886
Adamis Pharmaceuticals (NASDAQ:ADMP)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Adamis Pharmaceuticals (NASDAQ:ADMP)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024