CAMBRIDGE, Mass., June 20,
2023 /PRNewswire/ -- Leap Therapeutics, Inc.
(Nasdaq:LPTX), a biotechnology company focused on developing
targeted and immuno-oncology therapeutics, today announced that it
will effect a 10-for-1 reverse stock split of its issued and
outstanding common stock, effective at 5PM
ET on June 20, 2023. Leap
expects its common stock to begin trading on a split-adjusted basis
on the Nasdaq Capital Market as of the commencement of trading on
June 21, 2023.
Leap's stockholders approved the reverse stock split during its
2023 Annual Meeting of Stockholders on June
16, 2023, and granted the Board of Directors authorization
to determine the final ratio for the split. The reverse stock split
is being implemented to increase the per share trading price of the
Company's common stock to meet the minimum Nasdaq listing price per
share requirements and to decrease the number of shares outstanding
in order to facilitate the conversion of the Series X Non-Voting
Convertible Preferred Stock into common stock at 5PM ET on June 21,
2023.
Leap's common stock will continue to trade on the Nasdaq Capital
Market under the symbol "LPTX" following the reverse stock split,
with a new CUSIP number of 52187K
200. As a result of the reverse stock split, every 10 shares of
Leap's common stock issued and outstanding will be automatically
reclassified into one new share of common stock. No fractional
shares will be issued in connection with the reverse stock split,
and shareholders who would otherwise be entitled to a fractional
share will receive a proportional cash payment. The shares
underlying the Company's outstanding equity awards and warrants and
the Series X Non-Voting Convertible Preferred Stock conversion
ratio will be adjusted accordingly. The reverse stock split affects
all shareholders uniformly and will not alter any shareholder's
percentage interest in the Company's common stock, except for
adjustments that may result from the treatment of fractional
shares.
Continental Stock Transfer & Trust Company is acting as the
exchange agent and transfer agent for the reverse stock split.
Shareholders holding their shares in book-entry form or in
brokerage accounts need not take any action in connection with the
reverse stock split. Beneficial holders are encouraged to contact
their bank, broker or custodian with any procedural questions.
About Leap Therapeutics
Leap Therapeutics (Nasdaq:
LPTX) is focused on developing targeted and immuno-oncology
therapeutics. Leap's most advanced clinical candidate, DKN-01, is a
humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. DKN-01 is being developed in
patients with esophagogastric, gynecologic, and colorectal cancers.
FL-301, is a humanized monoclonal antibody targeting Claudin18.2,
being developed in patients with gastric and pancreatic cancer.
Leap also has preclinical antibody programs targeting
Claudin18.2/CD137 and GDF15. For more information about Leap
Therapeutics, visit http://www.leaptx.com or view our public
filings with the SEC that are available via EDGAR at
http://www.sec.gov or via https://investors.leaptx.com/.
FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements within the meaning of the federal
securities laws. Such statements are based upon current plans,
estimates and expectations of the management of Leap that are
subject to various risks and uncertainties that could cause actual
results to differ materially from such statements. The inclusion of
forward-looking statements should not be regarded as a
representation that such plans, estimates and expectations will be
achieved. Words such as "anticipate," "expect," "project,"
"intend," "believe," "may," "will," "should," "plan," "could,"
"continue," "target," "contemplate," "estimate," "forecast,"
"guidance," "predict," "possible," "potential," "pursue," "likely,"
and words and terms of similar substance used in connection with
any discussion of future plans, actions or events identify
forward-looking statements.
All statements, other than historical facts, including
statements regarding the continuation over time of the clinical
collaboration with BeiGene on the ongoing Part C of the DisTinGuish
trial, with BeiGene continuing to supply tislelizumab; the
expected benefits of the merger with Flame Biosciences; the cash
runway into mid-2025 and the sufficiency of Leap's cash, cash
equivalents and short-term investments to fund operations; the
anticipated timing for initiation of or success of enrollment in
clinical trials and release of clinical data, and any outcomes of
such trials; the potential, safety, efficacy, and regulatory and
clinical progress of Leap's product candidates; our future
preclinical and clinical development plans in connection with our
programs; the ability to enter into a new strategic partnership for
DKN-01 or any of Leap's other programs; the ability of NovaRock
Biotherapeutics to conduct the FL-301 clinical trial in
China; and any assumptions
underlying any of the foregoing, are forward-looking statements.
Important factors that could cause actual results to differ
materially from Leap's plans, estimates or expectations could
include, but are not limited to: (i) Leap's ability to successfully
execute its clinical trials and the timing of enrollment in and
cost of such clinical trials; (ii) the results of Leap's clinical
trials and pre-clinical studies; (iii) Leap's ability to
successfully enter into new strategic partnerships for DKN-01 or
any of its other programs; (iv) whether any Leap clinical trials
and products will receive approval from the U.S. Food and Drug
Administration or equivalent foreign regulatory agencies; (v)
exposure to inflation, currency rate and interest rate
fluctuations, as well as fluctuations in the market price of Leap's
traded securities; (vi) that the initiation, conduct, and
completion of clinical trials, laboratory operations, manufacturing
campaigns, and other studies may be delayed, adversely affected, or
impacted by COVID-19, global conflict, or supply chain related
issues; (vii) Leap's ability to successfully integrate the Flame
operations and realize the anticipated benefits of the acquisition
of Flame; (viii) whether Leap's cash resources will be sufficient
to fund Leap's continuing operations and the newly acquired Flame
operations, including the liabilities of Flame incurred in
connection with the completion of the merger; and (ix) Leap's
ability to comply with the continued listing requirements of the
Nasdaq Capital Market. New risks and uncertainties may emerge from
time to time, and it is not possible to predict all risks and
uncertainties. No representations or warranties (expressed or
Implied) are made about the accuracy of any such forward-looking
statements. Leap may not actually achieve the forecasts disclosed
in such forward-looking statements, and you should not place undue
reliance on such forward-looking statements. Such forward-looking
statements are subject to a number of material risks and
uncertainties including but not limited to those set forth under
the caption "Risk Factors" in Leap's most recent Annual Report on
Form 10-K filed with the SEC, as well as discussions of potential
risks, uncertainties, and other important factors in its subsequent
filings with the SEC. Any forward-looking statement speaks only as
of the date on which it was made. Neither Leap, nor any of its
affiliates, advisors or representatives, undertake any obligation
to publicly update or revise any forward-looking statement, whether
as result of new information, future events or otherwise, except as
required by law. These forward-looking statements should not be
relied upon as representing Leap's views as of any date subsequent
to the date hereof.
CONTACT:
Douglas E. Onsi
President & Chief Executive Officer
Leap Therapeutics, Inc.
617-714-0360
donsi@leaptx.com
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
leap@argotpartners.com
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SOURCE Leap Therapeutics, Inc.