The Common Shares will begin trading on a split-adjusted basis on August 31, 2022
CRANBURY, NJ, August 19, 2022 /PRNewswire/ — Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing innovative drugs based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, announced today today intends to effect a 1 for 25 reverse stock split of its issued and outstanding common shares (the “Share Consolidation”). The Reverse Stock Split will become effective as of 5:00 p.m. Eastern Time on August 30, 2022 (the “Effective Date”), and the Company’s common stock is expected to begin trading on a split-adjusted basis when the market opens on August 31, 2022.
At Palatin’s annual shareholders’ meeting held on June 24, 2022 (the “2022 Annual Meeting”), the shareholders of the Company have approved the amendment to the amended and restated certificate of incorporation of the Company in order to effect a reverse stock split of the common shares of the Company on a ratio of at least 1:10 and no more than 1:25, such ratio and the implementation and timing of such reverse stock split to be determined by the Board of Directors of the Company, in its sole discretion, at any time prior to the first anniversary of the 2022 annual meeting.
The Board of Directors has now approved the implementation of a 1 for 25 reverse stock split with the timing described above. The reverse stock split will reduce the number of outstanding common shares of Palatin from approximately 231,774,000 shares to approximately 9,271,000 shares, but will not change the authorized number of common shares, which will remain at 300,000,000. ordinary actions.
The Company’s common stock will continue to trade on the NYSE American Stock Market under the symbol “PTN”. The new CUSIP number for the common shares after the Reverse Stock Split will be 696077502.
The reverse stock split will affect all shareholders evenly and will not change a shareholder’s percentage interest in the equity of the Company, except to the extent that the reverse stock split would result in a shareholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Stock Split. Shareholders who would otherwise be entitled to receive a fractional share will instead be entitled to receive cash (rounded to the nearest cent, without interest and subject to applicable withholding taxes) in lieu of such fractional share. share from the Company’s transfer agent, American Stock Transfer & Trust Company, LLC, in an amount equal to the product obtained by multiplying (a) the average closing price per share of the Company’s common stock as published on NYSE American for the five trading days prior to the Effective Date, by (b) the number of common shares outstanding immediately prior to the Effective Date that have been converted into fractional shares. Holders of ordinary shares of the Company held in book-entry form or through a bank, broker or other agent need not take any action in connection with the Reverse Stock Split. Registered shareholders will receive information from the Company’s transfer agent regarding their common share ownership following the Reverse Stock Split.
About the Palatine
Palatin is a biopharmaceutical company developing first-in-class drugs based on molecules that modulate the activity of melanocortin and natriuretic peptide receptor systems, with targeted and receptor-specific product candidates for the treatment of diseases of medical need. unsatisfied and significant commercial potential. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders to maximize their market potential. For more information about Palatin, please visit the Palatin website at www.palatin.com and follow Palatin on Twitter at @PalatinTech.
Statements in this press release that are not historical facts, including statements about Palatin’s future expectations, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors thus created. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin’s actual results to differ materially from its historical results or from any results expressed or implied by these forward-looking statements. Palatin’s actual results may differ materially from those referred to in the forward-looking statements for reasons including, but not limited to, clinical trial results, regulatory actions by the FDA and other regulatory authorities, and the necessity regulatory approvals, Palatin’s ability to fund the development of its technology and establish and complete clinical trials, the time and cost required to complete clinical trials and submit applications for regulatory approval, the products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, the commercial acceptance of Palatin’s products and other factors discussed in Palatin’s periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events that occur after the date of this press release.
SOURCEPalatin Technologies, Inc.