HOUSTON, Oct. 14, 2022 (GLOBE NEWSWIRE) — Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX), a clinical-stage biopharmaceutical firm creating medicines for sufferers combating most cancers and in want of recent remedy choices, as we speak introduced that it’ll impact a 1-for-25 reverse inventory break up at 5:00 p.m. Eastern time as we speak. Beginning with the opening of buying and selling on October 17, 2022, Salarius’ widespread inventory will commerce on the Nasdaq Capital Market on a split-adjusted foundation beneath a brand new CUSIP quantity 79400X305.
The reverse inventory break up is meant to allow Salarius to regain compliance with the $1.00 minimal closing bid worth required for continued itemizing on the Nasdaq Capital Market.
At Salarius’ annual assembly of stockholders on June 15, 2022, Salarius’ stockholders authorized the proposal to authorize Salarius’ Board of Directors to file an modification to Salarius’ certificates of incorporation to impact the reverse break up at a ratio to be decided by the Board, starting from 1-for-5 to 1-for-30. The particular 1-for-25 ratio was subsequently authorized by Salarius’ Board of Directors and the reverse inventory break up was effected by submitting a Certificate of Amendment to Salarius’ certificates of incorporation with the Secretary of State of the State of Delaware.
The reverse break up will have an effect on all issued and excellent shares of Salarius’ widespread inventory. At the efficient time of the reverse inventory break up the variety of shares of widespread inventory issued and excellent will likely be lowered from roughly 56,236,000 shares to roughly 2,249,000. All excellent choices and warrants entitling their holders to buy shares of Salarius’ widespread inventory will likely be adjusted because of the reverse break up, as required by the phrases of every safety. The variety of shares reserved for future issuance pursuant to Salarius’ 2015 Equity Incentive Plan and the variety of shares reserved for future issuance pursuant to Salarius’ 2015 Employee Stock Purchase Plan will even be appropriately adjusted. The reverse inventory break up will have an effect on all stockholders uniformly and won’t have an effect on any stockholder’s possession proportion of Salarius’ shares (besides to the extent that the reverse inventory break up would end in among the stockholders receiving money in lieu of fractional shares). Stockholders will obtain money in lieu of fractional shares primarily based on as we speak’s closing worth per share of Salarius’ widespread inventory as quoted on the Nasdaq Capital Market. The reverse inventory break up is not going to cut back the variety of approved shares of widespread inventory or most popular inventory or change the par values of Salarius’ widespread inventory (which is able to stay at $0.0001 per share) or most popular inventory (which is able to stay at $0.0001 per share).
American Stock Transfer & Trust Company, LLC (AST) is performing because the alternate agent and switch agent for the reverse inventory break up. AST will present directions to stockholders with bodily certificates relating to the method for exchanging their pre-split inventory certificates for post-split shares in book-entry type and receiving fee for any fractional shares.
About Salarius Pharmaceuticals
Salarius Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm creating therapies for sufferers with most cancers in want of recent remedy choices. Salarius’ product portfolio consists of seclidemstat, the corporate’s lead candidate, which is being studied as a possible remedy for pediatric cancers, sarcomas and different cancers with restricted remedy choices, and SP-3164, an oral small molecule protein degrader. Seclidemstat is presently in a Phase 1/2 medical trial for relapsed/refractory Ewing sarcoma and sure extra sarcomas that share the same biology, Seclidemstat has acquired quick monitor, orphan drug and uncommon pediatric illness designations for Ewing sarcoma from the U.S. Food and Drug Administration. Salarius can also be exploring seclidemstat’s potential in a number of cancers with excessive unmet medical want, with an investigator-initiated Phase 1/2 medical research in hematologic cancers underway at MD Anderson Cancer Center. Salarius has acquired monetary help from the National Pediatric Cancer Foundation to advance the Ewing program and was a recipient of a Product Development Award from the Cancer Prevention and Research Institute of Texas (CPRIT). SP-3164 is presently in IND-enabling research and anticipated to enter the clinic in 2023. For extra data, please go to salariuspharma.com or comply with Salarius on Twitter and LinkedIn.
CONTACT:
LHA Investor Relations
Kim Sutton Golodetz
[email protected]
212-838-3777
