Akers Biosciences, Inc. Reverse Stock Split Update (6701H)
17 November 2018 - 3:00AM
UK Regulatory
TIDMAKR
RNS Number : 6701H
Akers Biosciences, Inc.
16 November 2018
November 16, 2018
Akers Biosciences, Inc.
Reverse Stock Split Update
&
Restoration of Trading on the AIM Market of the London Stock
Exchange
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers
Bio" or the "Company"), a developer of rapid health information
technologies, announces that the workstreams required for admission
to the AIM market of the London Stock Exchange of the Company's
consolidated common shares ("Admission") as a result of the reverse
stock split announced on November 7, 2018 (the "Reverse Stock
Split") have now been completed.
The Reverse Stock Split, at a ratio of one share of common stock
for every eight shares of common stock, affected all stockholders
uniformly and did not alter any stockholder's percentage interest
in the Company's equity, except to the extent that the Reverse
Stock Split would have resulted in a stockholder owning a
fractional share. Fractional shares have not been issued as a
result of the Reverse Stock Split; instead, the board of directors
of the Company determined to effect an issuance of shares to
holders that would otherwise have been entitled to a fractional
share such that any fractional shares were rounded up to the
nearest whole number. Following completion of the Reverse Stock
Split, the Company will have a minimum of 12,457,956 shares of
common stock ("New Common Shares") outstanding. The final
calculation of the fractional entitlement round-ups on the
Company's US share register will be finalized in due course. A
further announcement will be made in due course to reflect any
amendment to the total number of Common Shares outstanding
following completion of this process.
The Company has applied for the 12,457,956 New Common Shares to
be admitted to trading on AIM ("Admission") and Admission is
expected to occur on November 19, 2018. Following Admission, the
Company's issued share capital will consist of 12,457,956 Common
Shares with no Common Shares held in treasury. This figure may
therefore be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
The Company has requested that trading in the Company's Common
Shares on AIM resume with effect from 7.30 a.m. on November 19,
2018.
Inquiries:
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief
Financial Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Ed Frisby / Scott Mathieson (Corporate Finance)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening
and testing products designed to deliver quicker and more
cost-effective healthcare information to healthcare providers and
consumers. The Company has advanced the science of diagnostics
while responding to major shifts in healthcare through the
development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. Such statements may include,
without limitation, statements with respect to the Company's plans,
compliance with the requirements of various regulatory agencies and
certain NASDAQ Stock Market listing rules, objectives, projections,
expectations and intentions and other statements identified by
words such as "projects," "may," "will," "could," "would," "should,
" "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "potential" or similar expressions, as they relate to the
Company, its subsidiaries, or its management. These statements are
based upon the current beliefs and expectations of the Company's
management and are subject to significant risks and uncertainties,
including those detailed in the Company's filings with the
Securities and Exchange Commission. Actual results, performance,
prospects, and opportunities to may differ materially from those
set forth in, or implied by, the forward-looking statements. These
forward-looking statements involve certain risks and uncertainties
that are subject to change based on various factors (many of which
are beyond the Company's control). The Company undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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