WALTHAM,
Mass., Sept. 7, 2023 /PRNewswire/ -- Aeglea
BioTherapeutics, Inc. ("Aeglea") (Nasdaq: AGLE), a biotechnology
company advancing a pipeline of antibody therapeutics with the
potential to transform the treatment of inflammatory bowel disease
("IBD"), today announced it will effect a reverse stock split of
all outstanding shares of Aeglea's common stock at a ratio of
1-for-25. Aeglea expects its common stock to begin trading on a
split-adjusted basis on the Nasdaq Capital Market as of the
commencement of trading on September 8,
2023.
The reverse stock split was approved by stockholders during the
annual meeting of stockholders on June 6,
2023 and by Aeglea's Board of Directors. The reverse stock
split is intended to enable the company to meet minimum Nasdaq
listing price per share requirements.
Aeglea's common stock will continue to trade on the Nasdaq
Capital Market under the symbol "AGLE" following the reverse stock
split. The reverse stock split will affect all stockholders
uniformly and will not alter any stockholder's percentage interest
in equity, except to the extent that the reverse stock split would
result in a stockholder owning a fractional share. No fractional
shares will be issued in connection with the reverse stock split
and stockholders who would otherwise be entitled to a fractional
share will receive a proportional cash payment. After the reverse
stock split, the number of authorized shares of common stock will
be reduced from 500 million to 20 million.
Aeglea's transfer agent, Equiniti Trust Company, LLC ("EQ"), is
acting as the exchange agent for the reverse stock split.
Additional information concerning the reverse stock split can be
found in Aeglea's Definitive Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission ("SEC") on April 17, 2023, which can also be found on
Aeglea's investor website. Registered holders are encouraged to
contact EQ and beneficial holders are encouraged to contact their
bank, broker or other nominee with any questions.
About Aeglea BioTherapeutics
In June 2023, Aeglea completed the asset acquisition
of Spyre Therapeutics, Inc. and shifted its disease focus to IBD.
Aeglea is advancing a pipeline of antibody therapeutics with the
potential to transform the treatment of IBD. The approaches combine
novel antibody engineering, rational therapeutic combinations, and
precision immunology approaches to maximize efficacy, safety, and
convenience of treatments for IBD. The company's portfolio includes
potentially best-in-class antibodies targeting α4b7, TL1A, and
IL-23.
Forward-Looking Statements
Certain statements in this
press release, other than purely historical information, may
constitute "forward-looking statements" within the meaning of the
federal securities laws, including for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995, concerning Aeglea and other matters. These
forward-looking statements include, but are not limited to, express
or implied statements relating to the timing of implementation of
the reverse stock split and Aeglea's intentions and expected
benefits associated therewith. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
"opportunity," "potential," "milestones," "pipeline," "can,"
"goal," "aim," "strategy," "target," "seek," "anticipate,"
"achieve," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "intends," "may," "might," "plan,"
"possible," "predict," "project," "should," "will," "would" and
similar expressions (including the negatives of these terms or
variations of them) may identify forward-looking statements, but
the absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements are based on
current expectations and beliefs concerning future developments and
their potential effects. There can be no assurance that future
developments affecting Aeglea will be those that have been
anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond Aeglea's control) or
other assumptions that may cause actual results or performance to
be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited those uncertainties and factors described under
the heading "Risk Factors" and "Note about Forward-Looking
Statements" in Aeglea's most recent Quarterly Report on Form 10-Q
filed with the SEC, as well as discussions of potential risks,
uncertainties, and other important factors included in other
filings by Aeglea from time to time. Should one or more of these
risks or uncertainties materialize, or should any of Aeglea's
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements in
this press release, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary
statements herein. Aeglea does not undertake or accept any duty to
release publicly any updates or revisions to any forward-looking
statements. This press release does not purport to summarize all of
the conditions, risks and other attributes of an investment in
Aeglea.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aeglea-biotherapeutics-announces-reverse-stock-split-301920568.html
SOURCE Aeglea BioTherapeutics, Inc.