Palisade Bio Announces 1-for-15 Reverse Stock Split
03 Abril 2024 - 3:30PM
Palisade Bio, Inc. (Nasdaq: PALI), (“Palisade”, “Palisade Bio”
or the “Company”), a biopharmaceutical company focused on
developing and advancing novel therapeutics for patients living
with autoimmune, inflammatory, and fibrotic diseases, today
announced a 1-for-15 reverse split of its common stock, par value
$0.01 (“Common Stock”), effective at 5:00 PM ET on Friday April 5,
2024. Beginning on Monday, April 8, 2024, the Company’s Common
Stock will continue to trade on The Nasdaq Capital Market
(“Nasdaq”) on a split adjusted basis under the trading symbol
“PALI,” but will trade under the following new CUSIP number
starting April 8, 2024:
696389402.
The reverse stock split was approved by Palisade
Bio’s stockholders at the virtual special meeting of stockholders
held on March 25, 2024. The reverse stock split is primarily
intended to increase the Company’s per share trading price and
bring the Company into compliance with the Nasdaq’s listing
requirement regarding minimum share price.
As a result of the reverse stock split, every 15
shares of Common Stock issued and outstanding as of the effective
date will be automatically combined into one share of Common Stock.
Outstanding warrants, equity-based awards and other outstanding
equity rights will be proportionately adjusted by dividing the
shares of Common Stock underlying the securities by 15 and
multiplying the exercise/conversion price, as the case may be, by
15. No fractional shares will be issued as a result of the reverse
stock split. Stockholders of record otherwise entitled to receive a
fractional share as a result of the reverse stock split will
receive a cash payment in lieu of such fractional shares. The par
value of the Common Stock will remain unchanged at $0.01 per share
after the reverse split. The reverse split affects all stockholders
uniformly and will not alter any stockholder’s percentage interest
in the Company’s equity, except to the extent that the reverse
split results in some stockholders owning a fractional share as
described above.
Additional information concerning the reverse
stock split can be found in Palisade Bio’s definitive proxy
statement filed with the Securities and Exchange Commission on
February 6, 2024.
About Palisade Bio
Palisade Bio is a biopharmaceutical company
focused on developing and advancing novel therapeutics for patients
living with autoimmune, inflammatory, and fibrotic diseases. The
Company believes that by using a targeted approach with its novel
therapeutics it will transform the treatment landscape. For more
information, please go to www.palisadebio.com.
Forward Looking Statements
This communication contains “forward-looking”
statements for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding the Company’s intentions,
beliefs, projections, outlook, analyses or current expectations
concerning, among other things: the extent of our cash runway; our
ability to successfully develop our licensed technologies;
estimates about the size and growth potential of the markets for
our product candidates, and our ability to serve those markets,
including any potential revenue generated; future regulatory,
judicial, and legislative changes or developments in the United
States (U.S.) and foreign countries and the impact of these
changes; our ability to maintain the Nasdaq listing of our
securities; our ability to build a commercial infrastructure in the
U.S. and other markets; our ability to compete effectively in a
competitive industry; our ability to identify and qualify
manufacturers to provide API and manufacture drug product; our
ability to enter into commercial supply agreements; the success of
competing technologies that are or may become available; our
ability to attract and retain key scientific or management
personnel; the accuracy of our estimates regarding expenses, future
revenues, capital requirements and needs for additional financing;
our ability to obtain funding for our operations; our ability to
attract collaborators and strategic partnerships; and the impact of
the COVID-19 pandemic or any global event on our business, and
operations, and supply. Any statements contained in this
communication that are not statements of historical fact may be
deemed to be forward-looking statements. These forward-looking
statements are based upon the Company’s current expectations.
Forward-looking statements involve risks and uncertainties. The
Company’s actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, the Company’s ability to advance its
nonclinical and clinical programs, the uncertain and time-consuming
regulatory approval process; and the Company’s ability to secure
additional financing to fund future operations and development of
its product candidates. Additional risks and uncertainties can be
found in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, filed with the Securities and
Exchange Commission (“SEC”) on March 26, 2024. These
forward-looking statements speak only as of the date hereof and the
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
Investor Relations Contact
JTC Team, LLCJenene Thomas 833-475-8247PALI@jtcir.com
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