Acasti Announces 1-for-10 Reverse Stock Split
29 Septiembre 2015 - 6:00AM
Acasti Pharma Inc. ("Acasti" or the
"Corporation") (NASDAQ:ACST) (TSX-V:APO), an
emerging biopharmaceutical company focused on the research,
development and commercialization of new krill oil-based forms of
omega-3 phospholipid therapies for the treatment and prevention of
certain cardiometabolic disorders, announces that in order to
regain compliance with NASDAQ Minimum Bid Price Rules, it will
consolidate the issued and outstanding Class A common shares
("Common Shares") of the Corporation (the
"Consolidation") on the basis of one (1)
post-Consolidation Common Share for every ten (10)
pre-Consolidation Common Shares (the "Consolidation
Ratio"), provided that each fractional Common Share that
results from the Consolidation shall be rounded up.
Subject to approval by the TSX Venture Exchange and NASDAQ, the
Consolidation should be effective at the open of trading on or
around October 14, 2015 (the "Effective Date") and
the Common Shares shall begin trading on the NASDAQ Stock Market
and TSX Venture Exchange on a reverse split-adjusted basis on such
date. There are currently 106,616,262 Common Shares issued and
outstanding on a pre-Consolidation basis, which shall result into
approximately 10,661,626 Common Shares issued and outstanding on a
post-Consolidation basis.
On November 7, 2014 Acasti received notification from NASDAQ for
not maintaining a minimum bid price of US$1.00 per share for 30
consecutive business days (Listing Rule 5550(a) (2)). On May
11, 2015, Acasti received a second notification from NASDAQ that it
was eligible for an additional 180 calendar days to regain
compliance. Acasti was granted the extension because it met
the continued listing requirements for the market value of publicly
held shares and all other initial listing standards for NASDAQ
Capital Market (rule 5505 – Capital Market criteria), except for
the bid price requirement, which will now be resolved by
implementing the Consolidation. Acasti also believes the
Consolidation will allow the Corporation to attract a broader
shareholder base.
The exercise price in effect on the Effective Date, in the case
of incentive stock options, warrants and other securities
convertible into Common Shares (the "Convertible
Securities"), will be increased proportionally to reflect
the Consolidation. The number of Common Shares subject to a right
of purchase under such Convertible Securities shall also be
decreased proportionally to reflect the Consolidation, provided
that no fractional Common Share shall be issued or otherwise
provided theretofore upon the exercise of any Convertible
Securities.
Registered shareholders will receive instructions from
Computershare Services Inc., the Corporation's transfer agent,
regarding the process for exchanging their Common Shares
certificates. Unregistered shareholders, holding shares through CDS
or DTC brokerage account participants, should have their Common
Shares adjusted automatically with their institution through
electronic book-entry.
About Acasti Pharma Inc.
Acasti is an emerging biopharmaceutical company focused on the
research, development and commercialization of new krill oil-based
forms of omega-3 phospholipid therapies for the treatment and
prevention of certain cardiometabolic disorders, in particular
abnormalities in blood lipids, also known as dyslipidemia. Because
krill feeds on phytoplankton (diatoms and dinoflagellates), it is a
major source of phospholipids and polyunsaturated fatty acids
("PUFAs"), mainly eicosapentaenoic acid ("EPA") and docosahexaenoic
acid ("DHA"), which are two types of omega-3 fatty acids well known
to be beneficial for human health. CaPre®, currently Acasti's only
prescription drug candidate, is a highly purified omega-3
phospholipid concentrate derived from krill oil and is being
developed to help prevent and treat hypertriglyceridemia, which is
a condition characterized by abnormally high levels of
triglycerides in the bloodstream. ONEMIA®, a medical food and
currently Acasti's only commercialized product, is a purified
omega-3 phospholipid concentrate derived from krill oil with lower
levels of phospholipids, EPA and DHA content than CaPre®.
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. securities laws and Canadian
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of Acasti to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are
urged to consider statements labeled with the terms "believes,"
"belief," "expects," "intends," "anticipates," "will," or "plans"
to be uncertain and forward-looking. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release.
The forward-looking statements contained in this news release
are expressly qualified in their entirety by this cautionary
statement and the "Cautionary Note Regarding Forward-Looking
Information" section contained in Acasti's latest Annual
Information Form, which also forms part of Acasti's latest annual
report on Form 20-F, and which is available on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on the
investor section of Acasti's website at acastipharma.com (the
"AIF"). All forward-looking statements in this press release are
made as of the date of this press release. Acasti does not
undertake to update any such forward-looking statements whether as
a result of new information, future events or otherwise, except as
required by law. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in Acasti's public securities
filings with the Securities and Exchange Commission and the
Canadian securities commissions. Additional information about these
assumptions and risks and uncertainties is contained in the AIF
under "Risk Factors".
Neither NASDAQ, the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CONTACT: Acasti Contact:
John Ripplinger
Investor Relations
+1.450.687.2262
j.ripplinger@acastipharma.com
acastipharma.com
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