Alzamend Neuro, a clinical-stage biopharmaceutical company dedicated to advancing innovative treatments for Alzheimer’s disease, bipolar disorder, major depressive disorder, and PTSD, announced today that its board of directors has given the green light for a one-for-fifteen reverse stock split of the company’s common stock. This action is set to take effect in the State of Delaware at 12:01 a.m. Eastern Time on October 31, 2023.
Following this announcement, Alzamend Neuro experienced a notable decline in its stock value.
At the time of this publication,Alzamend Neuro Inc stock (ALZN) has witnessed a decline.
Alzamend Neuro Inc
Current Price: $0.13
Change : -0.05
Change (%): (-27.06%)
Source: Tomorrow Events Market Data
As of October 31, 2023, the company’s Common Stock will be listed on The Nasdaq Capital Market on a split-adjusted basis, maintaining its current trading symbol “ALZN.” The new CUSIP number for the Common Stock will be 02262M407. This strategic move aligns with the company’s objective to meet the Minimum Bid Price Requirement of $1.00 per share, a prerequisite for continued listing on The Nasdaq Capital Market, in addition to other potential benefits.
The reverse stock split will have a comprehensive impact, encompassing all existing shares of the Common Stock of Alzamend Neuro, as well as the number of shares available for issuance under the company’s equity incentive plans. Moreover, it will reduce the number of shares issuable upon the exercise of outstanding stock options or warrants immediately prior to the reverse split. It’s worth noting that the par value of the Company’s Common Stock will remain at $0.0001 per share post-split.
This action will uniformly affect all stockholders and will not alter any individual’s percentage interest in the Alzamend Neuro’s equity. However, there may be instances where some stockholders hold fractional shares, which will not be issued in connection with the reverse split. In such cases, affected stockholders will receive a cash payment in lieu of the fractional share.
To facilitate this process, Computershare Trust Company, N.A. will serve as the exchange agent and transfer agent for the reverse stock split. Computershare will furnish stockholders with detailed instructions on how to receive payment for any fractional shares.
The Alzamend Neuro board’s approval of the reverse stock split reflects a strategic step toward ensuring the company’s continued growth and compliance with regulatory requirements.