Bioblast Announces Effectiveness of Five to One Reverse Split
25 September 2017 - 9:00PM
Ordinary Shares Will Begin Trading on a
Split-Adjusted Basis on September 25, 2017
Bioblast Pharma Ltd. (NasdaqCM:ORPN), a clinical-stage, orphan
disease-focused biotechnology company, announced the effectiveness
of a five to one reverse split of its share capital. As previously
reported, the reverse split was approved by the Company’s
shareholders at an Extraordinary General Meeting of Shareholders of
the Company held on September 18, 2017.
The reverse split is intended to increase the per-share trading
price of the Company’s ordinary shares to satisfy the $1.00 minimum
bid price requirement for continued listing on the NASDAQ Capital
Market. As a result of the reverse split and a related amendment to
the Company’s articles of association which is now effective, every
five ordinary shares, par value NIS 0.01 per share, shall be
consolidated into one ordinary share, par value NIS 0.05. No
fractional ordinary shares will be issued as a result of the
reverse split and any fractional shares will be rounded up to the
nearest whole number.
Trading of the Company’s ordinary shares on the NASDAQ Capital
Market will continue, on a split-adjusted basis, with the opening
of the market on Monday, September 25, 2017, under new CUSIP number
M20156119. Immediately subsequent to the reverse split, there will
be approximately 3,342,261 of the Company’s ordinary shares issued
and outstanding.
The Company has retained its transfer agent, Vstock Transfer,
LLC (“Vstock”), to act as its exchange agent for the reverse split.
Vstock will provide shareholders of record as of the effective date
a letter of transmittal providing instructions for the exchange of
their certificates. Shareholders owning shares via a broker or
other nominee will have their positions automatically adjusted to
reflect the reverse split, subject to brokers’ particular
processes, and will not be required to take any action in
connection with the reverse split.
For more information regarding the Company’s reverse split,
please refer to the proxy statement filed by the Company with the
U.S. Securities and Exchange Commission as an exhibit to its Report
on Form 6-K on August 14, 2017.
About Bioblast
Bioblast Pharma is a clinical-stage biotechnology company
committed to developing clinically meaningful therapies for
patients with rare and ultra-rare genetic diseases. Bioblast
is traded on the NASDAQ under the symbol “ORPN.” For more
information, please visit our website: www.BioblastPharma.com, the
content of which is not incorporated herein by reference.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, we are using forward-looking
statements when we discuss our ability to continue to satisfy the
$1.00 minimum bid price requirement for continued listing on the
NASDAQ Capital Market. In addition, historic results of scientific
research and clinical and preclinical studies do not guarantee that
the conclusions of future research or studies will suggest
identical or even similar conclusions or that historic results
referred to in this press release would not be interpreted
differently, in light of additional research and clinical and
preclinical study results. Because such statements deal with future
events and are based on Bioblast Pharma Ltd.’s current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of Bioblast Pharma
could differ materially from those described in or implied by the
statements in this press release, including those discussed under
the heading “Risk Factors” in Bioblast Pharma’s annual report on
Form 20-F filed with the Securities and Exchange Commission (“SEC”)
on February 24, 2017, and in any subsequent filings with the SEC.
Except as otherwise required by law, Bioblast Pharma disclaims any
intention or obligation to update or revise any forward-looking
statements, which speak only as of the date hereof, whether as a
result of new information, future events or circumstances or
otherwise.
Investor ContactChaime Orlev CFO and VP
Finance and Administration Bioblast Pharma
LtdChaime.orlev@bioblastpharma.comPhone: 972 3 795 5555
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