RANCHO CORDOVA, Calif.,
June 4, 2019 /PRNewswire/
-- Cesca Therapeutics Inc. (Nasdaq: KOOL), a market leader in
automated cell processing and autologous cell therapies for
regenerative medicine, today announced that it has amended its
Sixth Amended and Restated Certificate of Incorporation to reflect
a 1-for-10 reverse stock split of its common stock, which will be
effective at 5:00 p.m. Pacific Time
on June 4, 2019.
Computershare, the Company's transfer agent, is acting as the
exchange agent for the reverse stock split. Stockholders of
record holding certificates representing shares of the Company's
common stock as of 5:00 p.m. Pacific
Time on June 4, 2019 will
receive the forms and notices to exchange their existing shares of
common stock for new shares of common stock from the exchange
agent. Stockholders will not receive fractional shares in
connection with the reverse stock split. Instead,
stockholders who would otherwise be entitled to receive fractional
shares of common stock will be entitled to receive one whole share
of common stock for the fractional share interest.
Stockholders who hold stock certificates evidencing their shares
of the Company's common stock are advised that they should not send
in their stock certificates until they receive a letter of
transmittal, which will contain detailed instructions for
exchanging their existing stock certificates.
The Company expects that the split-adjusted shares of its common
stock will begin trading on The Nasdaq Capital Market at the open
of the market on June 5, 2019 under a
new CUSIP number: 157131 301. No change will be made to the
trading symbol for the Company's common stock, "KOOL", in
connection with the reverse stock split. The par value of the
common stock will not be affected by the reverse stock
split.
Because the number of outstanding shares of common stock of the
Company will be decreased by the reverse stock split, while the
number of shares of common stock the Company is authorized to issue
will remain unchanged, the reverse stock split will have the effect
of increasing the number of shares of common stock available for
issuance by the Company.
The Company's Board of Directors implemented the reverse stock
split with the objective of regaining compliance with the
$1 minimum bid price requirement of
The Nasdaq Capital Market. The Company has until June 24, 2019 to comply with this requirement. To
comply with this requirement, the closing bid price of the
Company's common stock must be at least $1 per share for a minimum of 10 consecutive
business days prior to June 24,
2019.
The Company's stockholders approved the reverse stock split at
the 2019 annual meeting of stockholders, which was held on
May 30, 2019.
About Cesca Therapeutics Inc.
Cesca Therapeutics
Inc. is a market leader in cell processing technologies and
autologous cell therapies for regenerative medicine. For more
information, visit: www.cescatherapeutics.com.
Forward-Looking Statement
The statements contained
herein may include statements of future expectations and other
forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
such statements. A more complete description of risks that could
cause actual events to differ from the outcomes predicted by Cesca
Therapeutics' forward-looking statements is set forth under the
caption "Risk Factors" in Cesca Therapeutics' Annual Report on Form
10-K and other reports it files with the Securities and Exchange
Commission from time to time, and you should consider each of those
factors when evaluating the forward-looking statements.
Company Contact:
Wendy
Samford
916-858-5191
ir@thermogenesis.com
Investor Contact:
Paula
Schwartz, Rx Communications
917-322-2216
pschwartz@rxir.com
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SOURCE Cesca Therapeutics Inc.