Fortress Biotech Announces Reverse Stock Split
09 Octubre 2023 - 11:50AM
Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress” or the
“Company”), an innovative biopharmaceutical company focused on
efficiently acquiring, developing and commercializing or monetizing
promising therapeutic products and product candidates, announced
that it will effect a 1-for-15 reverse stock split of its issued
and outstanding common stock. Fortress expects its common stock to
begin trading on a split-adjusted basis on the Nasdaq Capital
Market as of the commencement of trading on October 10, 2023.
The reverse stock split was approved on August
10, 2023 by Fortress’ Board of Directors and by Fortress’
stockholders at a special meeting held on October 9, 2023, with the
authorization to determine the final ratio (within a specified
range) having been granted to the Company’s Board of Directors. The
reverse stock split is intended to bring the Company into
compliance with Nasdaq’s $1.00 per share minimum bid price
requirement for continued listing.
Fortress’ common stock will continue to trade on
the Nasdaq Capital Market under the symbol “FBIO” following the
reverse stock split, with a new CUSIP number of 34960Q307. After
the effectiveness of the reverse stock split, the number of
outstanding shares of common stock will be reduced from
approximately 134.1 million to approximately 8.9 million, subject
to adjustment to give effect to the treatment of any fractional
shares that stockholders would have received in the reverse stock
split. 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.
Fortress’ transfer agent, VStock Transfer, LLC,
is acting as the exchange and paying agent for the reverse stock
split. VStock Transfer, LLC will provide instructions to
stockholders regarding the process for exchanging physical share
certificates. Fortress does not expect that stockholders holding
their shares in book-entry form or through a bank, broker or other
nominee need to take any action in connection with the reverse
stock split. Beneficial holders are encouraged to contact their
bank, broker or other nominee with any procedural questions.
Additional information concerning the reverse stock split can be
found in Fortress’ definitive proxy statement on Schedule 14A filed
with the Securities and Exchange Commission on August 25, 2023.
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is an
innovative biopharmaceutical company focused on efficiently
acquiring, developing and commercializing or monetizing promising
therapeutic products and product candidates. The company has eight
marketed prescription pharmaceutical products and over 25 programs
in development at Fortress, at its majority-owned and
majority-controlled partners and subsidiaries and at partners and
subsidiaries it founded and in which it holds significant minority
ownership positions. Such product candidates span six large-market
areas, including oncology, rare diseases and gene therapy, which
allow it to create value for shareholders. Fortress advances its
diversified pipeline through a streamlined operating structure that
fosters efficient drug development. The Fortress model is focused
on leveraging its significant biopharmaceutical industry expertise
and network to further expand the company’s portfolio of product
opportunities. Fortress has established partnerships with some of
the world’s leading academic research institutions and
biopharmaceutical companies to maximize each opportunity to its
full potential, including AstraZeneca, City of Hope, Fred
Hutchinson Cancer Center, St. Jude Children’s Research Hospital,
Nationwide Children’s Hospital and Sentynl. For more information,
visit www.fortressbiotech.com.
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. As used below and throughout this press release, the words
“we”, “us” and “our” may refer to Fortress individually or together
with one or more partner companies, as dictated by context. Such
statements include, but are not limited to, our ability to
effectuate the reverse stock split, any statements relating to our
growth strategy and product development programs, ability to
generate shareholder value, ability of our products to receive
necessary approvals, including FDA approval, ability of our
products and therapies to help patients and any other statements
that are not historical facts. Forward-looking statements are based
on management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock price. Factors that could
cause actual results to differ materially from those currently
anticipated include, risks relating to: our growth strategy;
financing and strategic agreements and relationships; our need for
substantial additional funds and uncertainty relating to
financings; our ability to identify, acquire, close and integrate
product candidates successfully and on a timely basis; our ability
to attract, integrate and retain key personnel; the early stage of
products under development; the results of research and development
activities; uncertainties relating to preclinical and clinical
testing; risks relating to the timing of starting and completing
clinical trials; the ability to secure and maintain third-party
manufacturing, marketing and distribution of our and our partner
companies’ products and product candidates; government regulation;
patent and intellectual property matters; competition; as well as
other risks described in Part I, Item 1A, “Risk Factors,” in our
Annual Report on Form 10-K filed on March 31, 2023, subsequent
Reports on Form 10-Q, and our other filings we make with the
Securities and Exchange Commission. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as may be required by law, and we claim the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. The information
contained herein is intended to be reviewed in its totality, and
any stipulations, conditions or provisos that apply to a given
piece of information in one part of this press release should be
read as applying mutatis mutandis to every other instance of such
information appearing herein.
Company Contact:Jaclyn JaffeFortress Biotech,
Inc.(781) 652-4500ir@fortressbiotech.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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