Akers Biosciences, Inc. Announces One-for-Twenty Four Reverse Stock Split
23 November 2019 - 1:15AM
Akers Biosciences, Inc. (NASDAQ: AKER), (“Akers Bio” or the
"Company"), a developer of rapid health information technologies,
today announced that effective at 8:00 a.m. eastern standard time
on Monday, November 25, 2019, the Company will effect a reverse
stock split of its issued and outstanding common stock of no par
value at a ratio of one (1) share of common stock for every twenty
four (24) shares of common stock. As a result of the reverse stock
split, every twenty four of the Company’s issued and outstanding
shares of common stock will be automatically converted into one
share of common stock.
The reverse stock split will have the effect of
reducing the number of issued and outstanding shares of common
stock and the number of authorized shares of common stock at a
ratio of one-for-twenty four. The shares of common stock underlying
the Company’s outstanding stock options and warrants will be
similarly reduced and their respective exercise prices
correspondingly increased. The reverse stock split will affect all
stockholders uniformly and will not alter any stockholder’s
percentage interest in the Company’s equity, except to the extent
that the reverse stock split would result in a stockholder owning a
fractional share. Fractional shares will not be issued as a result
of the reverse stock split; instead, the Board of Directors
determined to effect an issuance of shares to holders that would
otherwise be entitled to a fractional share such that any
fractional shares will be rounded up to the nearest whole
number.
The Company's common stock will continue to
trade on the Nasdaq Capital Market under the stock ticker "AKER"
but will trade under the new CUSIP number 00973E409.
About Akers Biosciences,
Inc.
Akers Bio develops, manufactures, and supplies
rapid screening and testing products designed to deliver quicker
and more cost-effective healthcare information to healthcare
providers and consumers. The Company has advanced the science of
diagnostics while responding to major shifts in healthcare through
the development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its
products can be found at www.akersbio.com.
Cautionary Note Regarding
Forward-Looking Statements
Statements contained herein that are not based
upon current or historical fact are forward-looking in nature and
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the Company's expectations about
its future operating results, performance and opportunities that
involve substantial risks and uncertainties. Such statements may
include, without limitation, statements with respect to the
Company’s plans, compliance with the requirements of various
regulatory agencies and certain NASDAQ Stock Market listing rules,
objectives, projections, expectations and intentions and other
statements identified by words such as “projects,” “may,” “will,”
“could,” “would,” “should,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “potential” or similar
expressions, as they relate to the Company, its subsidiaries, or
its management. These statements are based upon 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, performance, prospects, and opportunities to may
differ materially from those set forth in, or implied by, the
forward-looking statements. These forward-looking statements
involve certain risks and uncertainties that are subject to change
based on various factors (many of which are beyond the Company’s
control). The Company undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Inquiries:
Howard R. Yeaton, Chief Executive Officer and Interim Chief
Financial Officer Email: investors@akersbio.com
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