Bone Biologics Announces 1-for-8 Reverse Stock Split
19 December 2023 - 12:00AM
Business Wire
Bone Biologics Corporation (“Bone Biologics” or the
“Company”) (Nasdaq: BBLG, BBLGW), a developer of orthobiologic
products for spine fusion markets, today announced a planned
reverse stock split of its shares of common stock at a ratio of
1-for-8. The reverse stock split will take effect as of 12:01 a.m.
ET, on Wednesday, December 20, 2023, and shares of Bone Biologics
are expected to trade on a post-split basis on Nasdaq under the
existing trading symbol, “BBLG,” at the market open on December 20,
2023.
At the Company’s special meeting of stockholders held on
December 12, 2023, stockholders approved an amendment to the
Company’s Amended and Restated Certificate of Incorporation to
implement a reverse stock split in a range of 1-for-5 to 1-for-20,
and granted the board of directors the authority to implement and
determine the exact split ratio within such range, which was
subsequently set by the board at 1-for-8. Following the reverse
stock split, the new CUSIP number of the common stock will be
098070501, with the par value per share of common stock remaining
at $0.001. A proportionate adjustment will be made to the per-share
exercise prices and number of shares issuable under all outstanding
warrants and equity awards.
When the reverse stock split becomes effective, every eight
shares of the Company’s issued and outstanding common stock will be
combined into one share of common stock. Each stockholder’s
percentage ownership interest in Bone Biologics will remain
unchanged after the reverse stock split. Any fractional shares
resulting from the reverse stock split will be rounded up to the
nearest whole share of common stock. The number of authorized
shares of common stock of the Company will remain the same
following the reverse stock split.
About Bone Biologics
Bone Biologics was founded to pursue regenerative medicine for
bone. The Company is undertaking work with select strategic
partners that builds on the preclinical research of the Nell-1
protein. Bone Biologics is currently focusing its development
efforts for its bone graft substitute product on bone regeneration
in spinal fusion procedures, while additionally having rights to
trauma and osteoporosis applications. For more information, please
visit www.bonebiologics.com.
Forward-Looking Statements
Certain statements contained in this press release, including,
without limitation, statements regarding the timing,
implementation, and success of the reverse stock split, as well as
statements containing the words “plan,” “will,” and words of
similar import, constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve both known and unknown
risks and uncertainties. The Company’s actual results may differ
materially from those anticipated in its forward-looking statements
as a result of a number of factors, including, but not limited to,
market and other conditions and risks generally associated with an
undercapitalized developing company, as well as the risks contained
under “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022 and
the Company’s other filings with the Securities and Exchange
Commission. Except as required by applicable law, we undertake no
obligation to revise or update any forward-looking statements to
reflect any event or circumstance that may arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218953908/en/
LHA Investor Relations Kim Sutton Golodetz 212-838-3777
kgolodetz@lhai.com
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