SAN
DIEGO, Oct. 4, 2023 /PRNewswire/ -- Aethlon
Medical, Inc. (Nasdaq: AEMD), a medical therapeutic company focused
on developing products to treat cancer and life threatening
infectious diseases, today announced that its Board of Directors
has approved a 1-for-10 reverse stock split of the Company's common
stock, effective at 5:00 p.m. ET on October 4, 2023. The
Company's shares of common stock will begin trading on a reverse
split-adjusted basis commencing upon market opening on October
5, 2023.
At the Company's Annual Meeting of Stockholders, held on
September 15, 2023, a reverse stock
split of the Company's common stock at a ratio in the range of
1-for-8 to 1-for-12 was approved, with such ratio to be determined
at the discretion of the Company's Board of Directors and with such
reverse stock split to be effected at such time and date as
determined by the Board in its sole discretion (but in no event
later than October 5, 2023).
"We are grateful to our stockholders for supporting the motion
to effect a reverse split, enabling the company to meet the listing
requirements and remain trading on Nasdaq. This, in turn, should
allow us to continue to access the capital markets in order to
support our planned clinical programs with our
Hemopurifier®, including in oncology and for the removal
of harmful exosomes and life-threatening viruses and our planned
expansion into organ transplantation," stated Charles J. Fisher, Jr., M.D., Chief Executive
Officer of Aethlon Medical.
As a result of the reverse stock split, each ten shares of the
Company's issued and outstanding common stock will be automatically
combined and converted into one issued and outstanding share of
common stock, par value $0.001 per share, resulting in
approximately 2.5 million shares of common stock issued and
outstanding. The Company's common stock will trade under a new
CUSIP number, 00808Y406, effective October 5, 2023, and remain
listed on the Nasdaq Capital Market under the symbol
"AEMD." All warrants to purchase common stock, stock options
and restricted stock units of Aethlon Medical outstanding
immediately prior to the reverse stock split will be proportionally
adjusted. No fractional shares of common stock will be issued
as a result of the reverse stock split. Instead, in lieu of any
fractional shares, Aethlon Medical will issue to each such
stockholder such additional fraction of a share as is necessary to
increase such resulting fractional share to a full share of common
stock.
Aethlon Medical's transfer agent, Computershare Trust Company,
N.A., is acting as the exchange agent for the reverse stock split.
Computershare will provide instructions to stockholders of record
regarding the exchange of stock certificates, as applicable.
Stockholders who hold their shares in brokerage accounts or "street
name" are not required to take any action to effect the exchange of
their shares. Stockholders with questions related to the transfer
or mechanics of the reverse stock split may contact Computershare
at 150 Royall Street, Suite 101, Canton,
MA 02021 or by phone at 1-800-962-4284.
About Aethlon and the Hemopurifier®
Aethlon Medical is a medical therapeutic company focused on
developing the Hemopurifier, a clinical stage immunotherapeutic
device which is designed to combat cancer and life-threatening
viral infections. In human studies, the Hemopurifier has
demonstrated the removal of life-threatening viruses and harmful
exosomes from blood utilizing its proprietary lectin-based
technology. This action has potential applications in cancer, where
exosomes may promote immune suppression and metastasis, and in
life-threatening infectious diseases. The Hemopurifier is a U.S.
Food and Drug Administration (FDA) designated Breakthrough Device
indicated for the treatment of individuals with advanced or
metastatic cancer who are either unresponsive to or intolerant of
standard of care therapy, and with cancer types in which exosomes
have been shown to participate in the development or severity of
the disease. The Hemopurifier also holds an FDA Breakthrough Device
designation and an open Investigational Device Exemption (IDE)
application related to the treatment of life-threatening viruses
that are not addressed with approved therapies.
Additional information can be found at
www.AethlonMedical.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that involve risks and uncertainties. Statements
containing words such as "may," "believe," "anticipate," "expect,"
"intend," "plan," "project," "will," "projections," "estimate,"
"potentially" or similar expressions constitute forward-looking
statements. Such forward-looking statements are subject to
significant risks and uncertainties and actual results may differ
materially from the results anticipated in the forward-looking
statements. These forward-looking statements are based upon
Aethlon's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Factors that may
contribute to such differences include, without limitation, the
timing and effect of the reverse stock split and the potential
applications and benefits of the Hemopurifier, Aethlon's ability to
successfully conduct and complete its planned clinical trials,
Aethlon's ability to remain on Nasdaq and to continue to access the
capital markets and Aethlon's ability to successfully expand the
use of the Hemopurifier to the organ transplant setting. The
foregoing list of risks and uncertainties is illustrative, but is
not exhaustive. Additional factors that could cause results to
differ materially from those anticipated in forward-looking
statements can be found under the caption "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
March 31, 2023, and in the Company's
other filings with the Securities and Exchange Commission,
including its Quarterly Reports on Form 10-Q. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Except as may be required by law, the
Company does not intend, nor does it undertake any duty, to update
this information to reflect future events or circumstances.
Company Contact:
Jim Frakes
Chief Financial Officer
Aethlon Medical, Inc.
Jfrakes@aethlonmedical.com
Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC
susan@sanoonan.com
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SOURCE Aethlon Medical, Inc.