Catalyst Biosciences Announces Completion of Business Combination With Beijing Continent Pharmaceuticals and Implementation of Name Change and Reverse Stock Split
30 Outubro 2023 - 1:00PM
Catalyst Biosciences, Inc. (Nasdaq: CBIO) (“Catalyst”) today
announced completion of the business combination with GNI Group
Ltd. and related entities. Catalyst received stockholder approval
for all proposals necessary to complete the business combination at
a special meeting of stockholders held on August 29, 2023. Catalyst
effected a name change and a reverse stock split of Catalyst’s
common stock immediately prior to the closing of the business
combination. The combined company will operate under the name “Gyre
Therapeutics, Inc.” (“Gyre”). As a result of the business
combination, Beijing Continent Pharmaceuticals Co., Ltd. became a
majority-owned subsidiary of Gyre.
Nassim Usman, Ph.D., President and Chief
Executive Officer of Catalyst said, “We are pleased that we have
successfully completed the business combination as approved by our
stockholders.”
Charles Wu, Ph.D., Chief Executive Officer of
Gyre said, “Now that Gyre has launched on Nasdaq, we will be able
to more efficiently conduct clinical research and development of
our promising pipeline of product candidates in the United States.
We are optimistic that our research and development efforts may
bring new medicines to patients who suffer from organ fibrosis and
inflammatory diseases that currently lack approved treatments.”
To ensure Gyre’s compliance with the minimum bid
price requirement of $4.00 per share for initial listing on The
Nasdaq Capital Market, Catalyst implemented a reverse split of its
common stock at a ratio of 1-for-15 shares. In the reverse stock
split, every 15 shares of Catalyst common stock outstanding was
combined and reclassified into one share of Gyre common stock.
Stockholders will receive cash in lieu of any
fractional shares resulting from the reverse stock split.
Stockholders owning shares of common stock via a bank, broker, or
other nominee will have their positions automatically adjusted to
reflect the reverse stock split and will not be required to take
further action in connection with the reverse stock split, subject
to their brokers’ particular processes. The new CUSIP number for
Gyre common stock following the reverse stock split, business
combination and other attendant transactions is 403783 103.
The reverse stock split and name change became
effective today at 12:01 a.m. Eastern Time, with the business
combination effective today at 11:00 a.m. Eastern Time.
Gyre’s shares will begin trading on The Nasdaq
Capital Market on a post-reverse split, post-business combination
basis under the ticker symbol “GYRE” effective with the opening of
trading on Tuesday, October 31, 2023.
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, which
statements are subject to substantial risks and uncertainties and
are based on estimates and assumptions. All statements, other than
statements of historical facts included in this press release,
including statements concerning the progress and future
expectations and goals of Gyre’s research and development efforts,
are forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as “may,” “might,” “will,”
“objective,” “intend,” “should,” “could,” “can,” “would,” “expect,”
“believe,” “design,” “estimate,” “predict,” “potential,” “plan” or
the negative of these terms, and similar expressions intended to
identify forward-looking statements. These statements reflect our
plans, estimates, and expectations, as of the date of this press
release. These statements involve known and unknown risks,
uncertainties and other factors that could cause our actual results
to differ materially from the forward-looking statements expressed
or implied in this press release. Actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation: risks associated
with the possible failure to realize certain anticipated benefits
of the business combination, including with respect to future
financial and operating results; positive results from a clinical
study may not necessarily be predictive of the results of future or
ongoing clinical studies; competition from competing products; the
impact of general economic, health, industrial or political
conditions in the United States or internationally; the sufficiency
of Gyre’s capital resources and its ability to raise additional
capital. Additional risks and factors are identified under “Risk
Factors” in Catalyst’s Annual Report on Form 10-K filed on March
30, 2023 and subsequent reports filed with the SEC, and identified
under “Risk Factors” in the Proxy Statement.
Gyre expressly disclaims any obligation to
update any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
Stephen JasperGilmartin
Groupstephen@gilmartinir.com619-949-3681
Catalyst Biosciences (NASDAQ:CBIO)
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