NEW YORK, June 3, 2022 /PRNewswire/ — AIkido Pharma, Inc. (NASDAQ: AIKI), today announced that the Company’s Board of Directors has approved a 1:17 reverse stock split of its common stock (the “Consolidation”). The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time on June 7, 2022 and the common shares of the Company will be opened for trading on the Nasdaq Capital Market on a post-split basis on June 7, 2022 under the Company’s existing trade symbol “AIKI”. At that time, the common shares of the Company will also begin trading under a new CUSIP number 0088753043.
We expect the reverse stock split, which was approved by shareholders at an annual meeting of shareholders on May 20, 2022will increase the market price per share of the Company’s common stock, bringing the Company into compliance with the requirements for listing on the Nasdaq Capital Market.
Upon the effective time of the Reverse Stock Split, all seventeen (17) issued and outstanding ordinary shares of AIKI will be consolidated into one (1) issued and outstanding ordinary share, without modification of the par value of $0.0001 per share. This will reduce the outstanding common shares of the Company from approximately 89,294,446 million shares to approximately 5,252,555 million shares. Fractional shares resulting from the stock consolidation will be rounded to the nearest whole share, and all currently issued common shares held by a shareholder will be consolidated to determine whether the stock consolidation would result in the issuance of a fractional share. The shares and exercise prices, as applicable, underlying the stock awards and outstanding warrants of the Company will also be adjusted accordingly.
The Company’s transfer agent, Continental Stock Transfer & Trust Company (“Continental”) will provide shareholders with certificates of record holding representing the common stock of the Company prior to the stock split from the effective date , a letter of transmittal providing instructions for the exchange of shares . Registered shareholders who hold ordinary shares of the Company prior to the split electronically in book-entry form are not required to take any action to receive shares after the split. Shareholders holding shares through a broker, bank, trust or other agent will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to that broker’s particular processes. , and will not be required to take any action in connection with the Reverse Stock Split.
Additional information regarding the reverse stock split can be found in the Company’s definitive proxy statement (Form DEF 14A) filed with the United States Securities and Exchange Commission on April 12, 2022. Continental can be reached by phone at 917-262-2378
The Company does not plan to raise capital in the foreseeable future.
About AIkido Pharma Inc.
AIkido Pharma Inc. was originally established in 1967 and is a biotechnology company with a diverse portfolio of small molecule anticancer and antiviral therapeutics. The Company’s platform consists of patented technology sourced from leading universities and researchers, and we are currently developing an innovative therapeutic drug platform through strong partnerships with educational institutions. world-renowned, including The University of Texas at Austin and University of Maryland at Baltimore. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer and prostate cancer. We are constantly looking to expand our pipeline to address unmet medical needs in oncology. The Company is also developing a broad-spectrum antiviral platform that could potentially inhibit the replication of several viruses, including influenza virus, SARS-CoV (coronavirus), MERS-CoV, Ebola virus and Marburg virus.
Caution Regarding Forward-Looking Statements
This press release and any statements by shareholders, directors, employees, representatives and partners of AIkido Pharma, Inc. (the “Company”) relating thereto contain or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, but are not limited to, statements identified by words such as “plans”, “may”, “will”, “could”, “would”, “should”, “believes”, “s ‘expects’, ‘anticipates’, ‘estimates’, ‘intentions’, ‘plans’, ‘potential’ or similar expressions. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, the impact of the reverse stock split described in this release) may differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that could change based on a variety of factors (many of which are beyond the control of the Company). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.
Brett MaasManaging Partner
Phone: (646) 536-7331
E-mail: [email protected]
AIkido Pharma Inc.
E-mail: [email protected]
SOURCEAIkido Pharma Inc.