SALT LAKE CITY, May 16, 2022 /PRNewswire/ — PolarityTE, Inc. (Nasdaq: PTE) a biotechnology company developing regenerative tissue products and biomaterials, today announced that the company will complete a 1 for 25 stock split of the issued and outstanding common shares of the company, which will be effective upon Delaware law to 4:15 p.m. EST Monday, May 16, 2022. From that date, each tranche of 25 issued and outstanding common shares and equivalents will be converted into one common share. A new CUSIP number has been assigned to the common shares of the Company as a result of the share consolidation, namely 731094 207. The common shares of the Company will be traded on the Nasdaq Capital Market on a basis of consolidation from from May 17, 2022.
On May 12, 2022, the Company’s shareholders have approved the reverse stock split. The Board of Directors was authorized to implement the reverse stock split and determine the split ratio within a range of not less than 1:10 and greater than 1:25. Subsequently, the Board of Directors has decided to set the reverse stock split ratio at 1:25. March 15, 2022in connection with the registered direct offering of preferred shares and warrants of the Company, and (ii) increase the trading price per share of the common shares of the Company to satisfy the $1.00 minimum offering price requirement for continued listing on the Nasdaq Capital Markets.
The reverse split will reduce the number of common shares of the Company outstanding at May 16, 2022, from approximately 100.0 million shares to approximately 4.0 million shares. Proportional adjustments will be made to the terms and exercise prices of outstanding options and warrants and to the number of shares issuable under unvested restricted stock units. With respect to outstanding common shares, the Company will round fractional shares otherwise resulting from the reverse stock split.
PolarityTE, Inc., headquartered in Salt Lake City, UT, is a biotechnology company developing regenerative tissue products. PolarityTE’s first regenerative tissue product is SkinTE®. PolarityTE has an open Investigational New Drug (IND) application for SkinTE® with the U.S. Food and Drug Administration (FDA) and is currently pursuing the first of two pivotal studies on SkinTE® required to support a Biologics License Application (BLA) for a chronic skin ulcer indication. SkinTE® is available for experimental purposes only. Learn more at www.PolarityTE.com.
Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. They are generally identified by words such as “believes”, “may”, “expects”, ” anticipates”, “intends to”, “plans”, “will fly”, “would”, “should” and similar expressions. Readers should not place undue reliance on these forward-looking statements, which are based on the Company’s beliefs and assumptions as of the date of this release. The Company’s actual results could differ materially due to the impact of the COVID-19 pandemic, future clinical studies and FDA regulatory issues, which cannot be predicted, and the risk factors and other items described in more detail in the “Risk Factors” section of the Company’s annual reports and other filings with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changes in events or circumstances after the date of this release, except as required by applicable law.
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF SELF REGENERATES SELF and WELCOME TO THE SHIFT are registered trademarks of PolarityTE, Inc.
PolarityTE Investor Relations
david schull Where Ignacio Guerrero-Ros
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SOURCE PolarityTE, Inc.