NEW
YORK, June 3, 2022 /PRNewswire/ -- AIkido
Pharma, Inc. (NASDAQ:AIKI), today announced that the
Company's Board of Directors has approved a reverse stock split of
its shares of common stock at a ratio of 1 for 17 (the "Reverse
Stock Split"). The Reverse Stock Split will become effective at
12:01 a.m. Eastern time on
June 7, 2022 and the Company's common
stock will open for trading on The Nasdaq Capital Market on a
post-split basis on June 7, 2022
under the Company's existing trading symbol "AIKI". At such time,
the Company's common stock will also commence trading under a new
CUSIP number 0088753043.
We expect that the Reverse Stock Split, which was approved by
stockholders at an annual stockholder meeting on May 20, 2022, will increase the market price per
share of the Company's common stock, bringing the Company into
compliance with listing requirements for The Nasdaq Capital
Market.
At the effective time of the Reverse Stock Split, every
seventeen (17) shares of AIKI common stock issued and outstanding
will be combined into one (1) share of common stock issued and
outstanding, with no change to the par value of $0.0001 per share. This will reduce the Company's
outstanding common stock from approximately 89,294,446 million
shares to approximately 5,252,555 million shares. Fractional shares
resulting from the reverse stock split will be rounded down to the
nearest whole share, and all currently issued shares of common
stock held by a shareholder shall be aggregated for the purpose of
determining whether the reverse stock split would result in the
issuance of a fractional share. The shares and exercise prices, as
applicable, underlying the Company's outstanding equity awards and
warrants will also be adjusted accordingly.
The Company's transfer agent, Continental Stock Transfer &
Trust Company ("Continental") 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 regarding the reverse stock split can be
found in the Company's definitive proxy statement (Form DEF 14A)
filed with the U.S. Securities and Exchange Commission on
April 12, 2022. Continental can be
reached by phone at 917-262-2378
The Company does not anticipate raising any capital in the
foreseeable future.
About AIkido Pharma Inc.
AIkido Pharma Inc. was initially formed in 1967 and is a
biotechnology Company with a diverse portfolio of small-molecule
anticancer and antiviral therapeutics. The Company's platform
consists of patented technology from leading universities and
researchers, and we are currently in the process of developing an
innovative therapeutic drug platform through strong partnerships
with world renowned educational institutions, including The
University of Texas at Austin and
University of Maryland at Baltimore.
Our diverse pipeline of therapeutics includes therapies for
pancreatic cancer, prostate cancer. We are constantly seeking to
grow our pipeline to treat unmet medical needs in oncology. The
Company is also developing a broad-spectrum antiviral platform that
may potentially inhibit replication of multiple viruses including
Influenza virus, SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and
Marburg virus.
Cautionary Note on Forward-Looking Statements
This press release and any statements of stockholders,
directors, employees, representatives and partners of AIkido
Pharma, Inc. (the "Company") related thereto contain, or may
contain, among other things, certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve significant risks
and uncertainties. Such statements may include, without limitation,
statements identified by words such as "projects," "may," "will,"
"could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "potential" or similar
expressions. 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 (including, without limitation, the impact of the
Reverse Stock Split described in this release) may differ
significantly from those set forth or implied in 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 presentations or otherwise, except as required
by applicable law.
Contact:
Investor Relations:
Hayden IR
Brett Maas,
Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com
AIkido Pharma Inc.
Phone: 212-745-1373
Email: investorrelations@aikidopharma.com
www.aikidopharma.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aikido-announces-reverse-stock-split-301561171.html
SOURCE AIkido Pharma Inc.