MELBOURNE, Australia and SAN FRANCISCO, Jan. 6, 2023
/PRNewswire/ -- Alterity Therapeutics Limited ("Alterity" or the
"Company") (ASX:ATH, NASDAQ:ATHE), a biotechnology company
dedicated to developing disease modifying treatments for
neurodegenerative diseases, today announced that its Board of
Directors approved a ratio change of its American Depository Shares
(ADSs) to Ordinary Shares (the "ADS Ratio") from the current ADS
Ratio of 1 ADS representing 60 Ordinary Shares to 1 ADS
representing 600 Ordinary Shares (the "ADS Ratio Change"). The ADS
Ratio Change will be effective on January 9,
2023. Beginning with the opening of trading on Monday, January 9, 2023, Alterity's ADS will
continue to trade on the Nasdaq Capital Market under the symbol
"ATHE," but will trade on a split-adjusted basis under a new CUSIP
number 02155X205.
As a result of the reverse split, every ten (10) existing ADSs
will be exchanged for one (1) new ADS. The Bank of New York Mellon
(the "Depositary"), as the depositary bank for the Company's ADS
program, will arrange for the exchange of current ADSs for new
ADSs.
No fractional new ADSs will be issued in connection with
the ADS Ratio Change. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the Depositary and the net cash
proceeds from the sale of the fractional ADS entitlements (after
deduction of fees, taxes and expenses) will be distributed to the
applicable ADS holders by the Depositary. The ADS Ratio
Change will have no impact on the Company's underlying Ordinary
Shares traded on the ASX, and no Ordinary Shares will be issued or
cancelled in connection with the ADS Ratio Change.
Alterity's Board of Directors approved the ADS ratio change with
the objective of regaining compliance with the minimum bid price of
$1.00 per share as outlined in the
NASDAQ Listing Rules. The Company has until February 23, 2023 to regain compliance. The
Company can give no assurance that this event will result in the
company meeting NASDAQ's minimum bid price requirement.
About Alterity Therapeutics Limited
Alterity Therapeutics is a clinical stage biotechnology company
dedicated to creating an alternate future for people
living with neurodegenerative diseases. The Company's lead
asset, ATH434, has the potential to treat various Parkinsonian
disorders. Alterity also has a broad drug discovery platform
generating patentable chemical compounds to intercede in disease
processes. The Company is based in Melbourne, Australia, and San Francisco, California, USA. For further
information please visit the Company's web site at
www.alteritytherapeutics.com.
Authorisation & Additional information
This announcement was authorized by David Stamler, CEO of Alterity Therapeutics
Limited.
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SOURCE Alterity Therapeutics