Alzamend Neuro Announces Reverse Stock Split
30 October 2023 - 11:00PM
Business Wire
Alzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend” or the
“Company”), a clinical-stage biopharmaceutical company
focused on developing novel products for the treatment of
Alzheimer’s disease (“Alzheimer’s”), bipolar disorder
(“BD”), major depressive disorder (“MDD”) and
post-traumatic stress disorder (“PTSD”), today announced
that Alzamend’s board of directors approved a one-for-fifteen
reverse stock split of Alzamend’s common stock (“Common
Stock”) that will be effective in the State of Delaware at
12:01 a.m. Eastern Time on October 31, 2023. Beginning with the
opening of trading on October 31, 2023, the Company’s Common Stock
will trade on The Nasdaq Capital Market on a split-adjusted basis
under the Company’s existing trading symbol “ALZN”. The new CUSIP
number for the Common Stock will be 02262M407. The reverse stock
split is part of the Company’s plan to regain compliance with the
Minimum Bid Price Requirement of $1.00 per share required to
maintain continued listing on The Nasdaq Capital Market, among
other benefits.
The reverse stock split affects all issued and outstanding
shares of the Company’s Common Stock, as well as the number of
shares of Common Stock available for issuance under the Company’s
equity incentive plans. In addition, the reverse stock split
reduces the number of shares of Common Stock issuable upon the
exercise of stock options or warrants outstanding immediately prior
to the reverse split. The par value of the Company’s Common Stock
will remain unchanged at $0.0001 per share after the reverse stock
split. The reverse stock split affects 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
results in some stockholders owning a fractional share. No
fractional shares will be issued in connection with the reverse
split. Stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment.
Computershare Trust Company, N.A. (“Computershare”), is
acting as the exchange agent and transfer agent for the reverse
stock split. Computershare will provide instructions to
stockholders for receiving payment for any fractional shares.
About Alzamend Neuro
Alzamend Neuro is a clinical-stage biopharmaceutical company
focused on developing novel products for the treatment of
Alzheimer’s, BD, MDD and PTSD. Our mission is to rapidly develop
and market safe and effective treatments. Our current pipeline
consists of two novel therapeutic drug candidates, AL001 - a
patented ionic cocrystal technology delivering lithium via a
therapeutic combination of lithium, salicylate and L-proline, and
ALZN002 - a patented method using a mutant-peptide sensitized cell
as a cell-based therapeutic vaccine that seeks to restore the
ability of a patient’s immunological system to combat Alzheimer’s.
Both of our product candidates are licensed from the University of
South Florida Research Foundation, Inc. pursuant to royalty-bearing
exclusive worldwide licenses.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and Alzamend undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
Alzamend’s business and financial results are included in
Alzamend’s filings with the U.S. Securities and Exchange
Commission. All filings are available at www.sec.gov and on
Alzamend’s website at www.Alzamend.com.
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Email: Info@Alzamend.com or call: 1-844-722-6333
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