CohBar Announces Extension of Nasdaq Compliance Period and Summarizes 2022 Annual Meeting Proposal
12 May 2022 - 11:00PM
CohBar, Inc. (NASDAQ: CWBR) (the “Company”), a clinical stage
biotechnology company leveraging the power of the mitochondria and
the peptides encoded in its genome to develop potential
breakthrough therapeutics targeting chronic and age-related
diseases, today announced that The Nasdaq Capital Market has
granted the Company’s request for a 180 day extension, or until
November 7, 2022, of the period to regain compliance with
its minimum bid price per share requirement.
In addition, at its upcoming 2022 Annual Meeting of
Stockholders (the “Annual Meeting”) on June 15, 2022, CohBar plans
to seek approval from its shareholders to effect, at the discretion
of the Board of Directors of the Company (the “Board”), (i) a
reverse stock split of the Company’s common stock, par value $0.001
per share (the “Common Stock”), up to one-for-thirty, with the
exact ratio to be determined by the Board at a later date and (ii)
if and when the reverse stock split is effected, an effective
increase in the number of authorized shares of Common Stock.
“Operating as a publicly-traded company on Nasdaq
provides us with several advantages, including greater access to
capital to fund our pipeline, improved liquidity for our
shareholders and a higher likelihood of attracting high-quality
institutional investors and commercial partners,” stated Dr. Joseph
Sarret, Chief Executive Officer. “It is imperative that we maintain
our listing and we are pleased that Nasdaq has provided us with an
extension. We strongly recommend that our shareholders vote in
favor of the reverse split proposal ahead of our Annual Meeting to
maintain our listing and help us build long-term value.”
If implemented, the primary purpose for effecting
the reverse stock split would be to increase the per share trading
price of the Common Stock to maintain the listing of the Common
Stock on The Nasdaq Capital Market. For more information on the
proposal, please review a copy of the Company’s Definitive Proxy
Statement filed with the U.S. Securities and Exchange Commission
(the “SEC”) on April 22, 2022.
About CohBar
CohBar (NASDAQ: CWBR) is a clinical-stage
biotechnology company leveraging the power of the mitochondria and
the peptides encoded in its genome to develop potential
breakthrough therapeutics targeting chronic and age-related
diseases with limited to no treatment options. CohBar has assembled
the leading position in exploring the mitochondrial genome and its
utility for the development of novel therapeutics, including
world-renowned expertise in mitochondrial biology, a broad
intellectual property estate, key opinion leaders and disciplined
drug discovery and development processes. CohBar is utilizing its
Mito+ platform to identify and develop modified versions of natural
peptides called analogs to treat a variety of serious conditions,
with a focus on diseases involving inflammation and fibrosis.
For additional company information, please visit
www.cohbar.com and engage with us on LinkedIn.
IMPORTANT INFORMATION ABOUT THE REVERSE
STOCK SPLIT PROPOSAL AND EFFECTIVE INCREASE IN AUTHORIZED SHARES
PROPOSAL
This communication may be deemed to be solicitation
material in connection with the proposals to be submitted to
CohBar’s stockholders at its Annual Meeting, including the reverse
stock split and the effective increase in authorized shares. In
connection therewith, CohBar has filed a definitive proxy statement
on Schedule 14A with the SEC. Stockholders are urged to read the
definitive proxy statement and all other relevant documents filed
with the SEC when they become available, including the definitive
proxy statement, because they will contain important information
about the reverse stock split proposal and effective increase in
authorized shares proposal.
Investors and security holders will be able to
obtain the documents when available free of charge at the SEC’s
website, www.sec.gov. In addition, stockholders may obtain
free copies of the documents filed with the SEC when available at
CohBar’s website, www.cohbar.com. Information contained on
such websites or that can be accessed through such websites does
not constitute a part of this press release.
PARTICIPANTS IN THE
SOLICITATION
CohBar and its directors and executive officers may
be deemed to be participants in the solicitation of proxies from
CohBar’s stockholders in respect to the reverse stock split
proposal and effective authorized share increase proposal and the
other proposals to be submitted to CohBar’s stockholders at the
annual meeting. Information about the directors and executive
officers of CohBar and their ownership of Common Stock is set forth
in CohBar’s definitive proxy statement, which was filed with the
SEC on April 22, 2022, as modified or supplemented by any Form 3 or
Form 4 since the date of that filing. Investors may obtain
additional information regarding the interests of CohBar and its
directors and executive officers in the reverse stock split
proposal and effective authorized share increase proposal by
reading the definitive proxy statement relating to the Annual
Meeting.
Forward-Looking Statements
This news release contains forward-looking
statements that are not historical facts within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and other future
conditions. In some cases you can identify these statements by
forward-looking words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “could,” “should,” “would,”
“project,” “plan,” “expect,” “goal,” “seek,” “future,” “likely” or
the negative or plural of these words or similar expressions.
Examples of such forward-looking statements include but are not
limited to statements regarding our ability to regain compliance
with the continued listing requirements of The Nasdaq Capital
Market and our ability to remain listed on The Nasdaq Capital
Market; timing and anticipated outcomes of research and clinical
trials for our product candidates; expectations regarding the
growth of therapies developed from modified mitochondrial peptides
as a significant future class of drug products; and statements
regarding anticipated therapeutic properties and potential of our
mitochondrial peptide analogs and other potential therapies. You
are cautioned that such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those set forth in these forward-looking
statements. Factors that could cause actual results to differ
materially from these forward-looking statements include: our
ability to successfully advance drug discovery and development
programs, including the delay or termination of ongoing clinical
trials and the timing of announcements and updates relating to our
clinical trials and related data; our possible inability to
mitigate the prevalence and/or persistence of the injection site
reactions, or the possibility of other developments affecting the
viability of CB4211 or CB5138-3 as a clinical candidate or its
commercial potential; results that are different from earlier data
results including less favorable results that may not support
further clinical development; our ability to raise additional
capital when necessary to continue our operations; our ability to
recruit and retain key management and scientific personnel; the
risk that our intellectual property may not be adequately
protected; our ability to establish and maintain partnerships with
corporate and industry partners; and risks related to the impact on
our business of the COVID-19 pandemic or similar public health
crises. Additional assumptions, risks and uncertainties are
described in detail in our registration statements, reports and
other filings with the Securities and Exchange Commission and
applicable Canadian securities regulators, which are available on
our website, and at www.sec.gov or www.sedar.com.
You are cautioned that such statements are not
guarantees of future performance and that our actual results may
differ materially from those set forth in the forward-looking
statements. The forward-looking statements and other information
contained in this news release are made as of the date hereof and
CohBar does not undertake any obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws. Nothing herein shall
constitute an offer to sell or the solicitation of an offer to buy
any securities.
Contacts: Jordyn TaraziDirector of
Investor RelationsCohBar, Inc.(650)
445-4441Jordyn.tarazi@cohbar.com
CohBar (NASDAQ:CWBR)
Historical Stock Chart
From Apr 2024 to May 2024
CohBar (NASDAQ:CWBR)
Historical Stock Chart
From May 2023 to May 2024