JERUSALEM, Oct. 29, 2020 /PRNewswire/ -- Intec Pharma Ltd.
(NASDAQ: NTEC) ("Intec" or "the Company") today announces a
1-for-20 reverse share split of its outstanding ordinary shares.
The reverse share split is scheduled to become effective after
trading closes on October 29, 2020,
and the Company's ordinary shares will begin trading on a
split-adjusted basis on the Nasdaq Capital Market at the
commencement of trading on October 30,
2020 under the Company's existing symbol "NTEC." The
Company's ordinary shares have been assigned a new CUSIP number of
M53644148 in connection with the reverse share split. As previously
disclosed, at the Company's Annual Meeting of Shareholders held on
July 15, 2020, the Company's
shareholders approved a proposal to amend the Company's Articles of
Association to effect a reverse share split of the Company's
ordinary shares at a ratio with the range from 1-for-5 to 1-for-25,
to be effective at the ratio and on a date to be determined by the
Company's board of directors in its sole
discretion.
The Company's board of directors has determined to effect the
reverse share split at a ratio of 1-for-20. As a result, upon
effectiveness of the reverse share split, every 20 shares of the
Company's outstanding ordinary shares will be combined into to one
ordinary share. In addition, proportionate adjustments will be made
to the exercise prices of the Company's outstanding options,
warrants and pre-funded warrants and to the number of shares
issuable under the Company's existing option plans.
The reverse share split will not affect any shareholder's
ownership percentage of the Company's ordinary shares, except to
the extent that the reverse share split would result in any
shareholder owning a fractional share. Fractional ordinary shares
will be rounded up to the nearest whole share. As a result of the
reverse share split, the number of outstanding shares will be
reduced from approximately 79 million to approximately 3.9 million
and the total number of ordinary shares the Company is authorized
to issue will change from 350 million ordinary shares to 17.5
million ordinary shares, no par value.
Registered shareholders holding their ordinary shares in
book-entry or through a bank, broker or other nominee form do not
need to take any action in connection with the reverse share split.
For those shareholders holding physical share certificates, the
Company's transfer agent, VStock Transfer, LLC, will send
instructions for exchanging those certificates for new certificates
representing the post-split number of shares. VStock Transfer, LLC
can be reached at (212) 8288436.
Additional information about the reverse share split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on June
8, 2020, a copy of which is also available at www.sec.gov or
at https://www.intecpharma.com/ under the SEC Filings tab located
on the Investor Relations page.
About Intec Pharma Ltd.
Intec Pharma is a clinical-stage biopharmaceutical company
focused on developing drugs based on its proprietary Accordion Pill
platform technology. The Company's Accordion Pill is an oral drug
delivery system that is designed to improve the efficacy and safety
of existing drugs and drugs in development by utilizing an
efficient gastric retention and specific release mechanism. The
Company's product pipeline includes two product candidates in
clinical trial stages: Accordion Pill Carbidopa/Levodopa, or
AP-CD/LD, which is in late-stage Phase 3 development for the
treatment of Parkinson's disease symptoms in advanced Parkinson's
disease patients, and AP-cannabinoids, an Accordion Pill to deliver
either or both of the primary cannabinoids contained in Cannabis
sativa, cannabidiol (CBD) and tetrahydrocannabinol (THC) for
various pain indications. In addition, the Company has a research
collaboration with Merck & Co.
For more information, visit www.intecpharma.com. Intec
Pharma routinely posts information that may be important to
investors in the Investor Relations section of its website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements about our
expectations, beliefs and intentions. Forward-looking statements
can be identified by the use of forward-looking words such as
"believe", "expect", "intend", "plan", "may", "should", "could",
"might", "seek", "target", "will", "project", "forecast",
"continue" or "anticipate" or their negatives or variations of
these words or other comparable words or by the fact that these
statements do not relate strictly to historical matters. These
forward-looking statements are based on assumptions and assessments
made in light of management's experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and we undertake no duty to update or revise any
such statements, whether as a result of new information, future
events or otherwise. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties,
many of which are outside of our control. Many factors could cause
our actual activities or results to differ materially from the
activities and results anticipated in forward-looking statements,
including, but not limited to, the following: our limited operating
history and history of operating losses, our ability to continue as
a going concern, our ability to obtain additional financing, the
impact of the outbreak of coronavirus, our ability to successfully
operate our business or execute our business plan, the timing and
cost of our clinical trials, the completion and receiving favorable
results in our clinical trials, our ability to obtain and maintain
regulatory approval of our product candidates, our ability to
protect and maintain our intellectual property and licensing
arrangements, our ability to develop, manufacture and commercialize
our product candidates, the risk of product liability claims, the
availability of reimbursement, and the influence of extensive and
costly government regulation. More detailed information about the
risks and uncertainties affecting us is contained under the heading
"Risk Factors" included in our most recent Annual Report on Form
10-K filed with the SEC on March 13, 2020, and in
other filings that we have made and may make with
the Securities and Exchange Commission in the future.
Intec Pharma Investor Contact:
Will O'Connor
Stern IR
+1 212-362-1200
will@sternir.com
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SOURCE Intec Pharma Ltd.