GRI Bio Announces Reverse Stock Split
26 Janeiro 2024 - 10:05AM
GRI Bio, Inc. (NASDAQ: GRI) (“GRI Bio” or the “Company”), a
biotechnology company advancing an innovative pipeline of Natural
Killer T (“NKT”) cell modulators for the treatment of inflammatory,
fibrotic and autoimmune diseases, today announced that the board of
directors of the Company approved a 1-for-7 reverse stock
split (the “Reverse Split”) of the Company’s common stock. The
Reverse Split was approved by the stockholders of the Company at a
special meeting of the Company held on January 19, 2024. The
Reverse Split will legally take effect at 4:01 p.m. Eastern Time,
on January 29, 2023. The Company’s common stock will open for
trading under a new CUSIP number 3622AW 205 on The Nasdaq Capital
Market on January 30, 2024, on a split-adjusted basis under the
current ticker symbol “GRI.” The Reverse Split is intended to
increase the per share trading price of the Company’s common stock
to enable the Company to regain compliance with the minimum bid
price requirement for continued listing on The Nasdaq Capital
Market.
The 1-for-7 Reverse Split will
automatically convert every 7 current shares of the Company’s
common stock into one share of common stock. No fractional shares
will be issued in connection with the reverse stock split.
Stockholders who would otherwise hold a fractional share of the
Company’s common stock following the reverse stock split will
receive a cash payment in lieu thereof at a price equal to that
fractional share to which the stockholder would otherwise be
entitled multiplied by the closing sale price of the common stock
on The Nasdaq Capital Market, as adjusted for the reverse stock
split, on January 29, 2024.
The reverse split will reduce the number of
shares of outstanding common stock from approximately 4,520,233
shares, the number of shares outstanding as of January 22, 2024, to
approximately 645,736 shares. The total authorized number of shares
will not be reduced. Proportional adjustments will also be made to
the exercise and conversion prices of the Company’s outstanding
stock options, warrants, and convertible securities, and to the
number of shares issued and issuable under the Company’s stock
incentive plans.
Stockholders holding their shares electronically
in book-entry form are not required to take any action to receive
post-split shares. Stockholders owning shares through a bank,
broker, or other nominee will have their positions automatically
adjusted to reflect the reverse stock split, subject to brokers’
particular processes, and will not be required to take any action
in connection with the reverse stock split. For those stockholders
holding physical stock certificates, the Company’s transfer agent,
Broadridge Corporate Issuers Solutions, Inc., will send
instructions for exchanging those certificates for shares held
electronically in book-entry form or for new certificates, in
either case representing the post-split number of shares, and any
payments in cash in lieu of fractional shares, if applicable.
About GRI Bio, Inc.
GRI Bio is a clinical-stage biopharmaceutical
company focused on fundamentally changing the way inflammatory,
fibrotic and autoimmune diseases are treated. GRI Bio’s therapies
are designed to target the activity of Natural Killer T cells,
which are key regulators earlier in the inflammatory cascade, to
interrupt disease progression and restore the immune system to
homeostasis. NKT cells are innate-like T cells that share
properties of both NK and T cells and are a functional link between
the innate and adaptive immune responses. Type I invariant NKT
(“iNKT”) cells play a critical role in propagating the injury,
inflammatory response, and fibrosis observed in inflammatory and
fibrotic indications. GRI Bio’s lead program, GRI-0621, is an
inhibitor of iNKT cell activity and is being developed as a novel
oral therapeutic for the treatment of idiopathic pulmonary
fibrosis, a serious disease with significant unmet need. The
Company is also developing a pipeline of novel type 2 NKT agonists
for the treatment of systemic lupus erythematosus. Additionally,
with a library of over 500 proprietary compounds, GRI Bio has the
ability to fuel a growing pipeline.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
“will,” “would,” or the negative of these words or other similar
expressions. These forward-looking statements are based on the
Company’s current beliefs and expectations. Forward-looking
statements include, but are not limited to, statements regarding:
the timing and effectiveness of the Reverse Split; the Company’s
ability to regain compliance with the Nasdaq minimum bid price and
other listing requirements; the Company’s expectations with respect
to development and commercialization of the Company’s product
candidates; the timing of initiation or completion of clinical
trials and availability of resulting data, the potential benefits
and impact of the Company’s clinical trials and product candidates
and any implication that the data or results observed in
preclinical trials or earlier studies or trials will be indicative
of results of later studies or clinical trials. Actual results may
differ from the forward-looking statements expressed by the Company
in this press release and consequently, you should not rely on
these forward-looking statements as predictions of future events.
These forward-looking statements are subject to inherent
uncertainties, risks and assumptions that are difficult to predict,
including, without limitation: (1) the inability to maintain the
listing of the Company’s common stock on Nasdaq and to comply with
applicable listing requirements; (2) changes in applicable laws or
regulations; (3) the inability of the Company to raise financing in
the future; (4) the success, cost and timing of the Company’s
product development activities; (5) the inability of the Company to
obtain and maintain regulatory clearance or approval for its
respective products, and any related restrictions and limitations
of any cleared or approved product; (6) the inability of the
Company to identify, in-license or acquire additional technology;
(7) the inability of the Company to compete with other companies
currently marketing or engaged in the development of products and
services that the Company is currently developing; (8) the size and
growth potential of the markets for the Company’s products and
services, and their respective ability to serve those markets,
either alone or in partnership with others; (9) the failure to
achieve any milestones or receive any milestone payments under any
agreements; (10) inaccuracy in the Company’s estimates regarding
expenses, future revenue, capital requirements and needs for and
the ability to obtain additional financing; (11) the Company’s
ability to protect and enforce its intellectual property portfolio,
including any newly issued patents; and (12) other risks and
uncertainties indicated from time to time in the Company’s filings
with the U.S. Securities and Exchange Commission (the “SEC”),
including the risks and uncertainties described in the “Risk
Factors” section of the Company’s most recent Annual Report on Form
10-K filed with the SEC on February 24, 2023 and subsequently filed
reports. Forward-looking statements contained in this announcement
are made as of this date, and the Company undertakes no duty to
update such information except as required under applicable
law.
Investor Contact:JTC Team, LLCJenene
Thomas(833) 475-8247GRI@jtcir.com
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