ENGLEWOOD, Colo., Aug. 31,
2023 /PRNewswire/ -- Ampio Pharmaceuticals, Inc.
(NYSE American: AMPE) (the "Company") today announced that its
Board of Directors has approved a 20-to-1 reverse stock split of
the Company's common stock. The reverse stock split will become
effective at 4:01pm ET on
September 11, 2023. The Company's
common stock is expected to begin trading on a split-adjusted basis
on the NYSE American under the same symbol AMPE when the
market opens on September 12, 2023
with the new CUSIP number 03209T307.
The reverse stock split was approved by the Company's
stockholders at the Company's 2023 Annual Meeting, held on
July 27, 2023, with a ratio not to
exceed 20-to-1. As a result of the reverse stock split, every 20
shares of the Company's common stock issued and outstanding will be
automatically reclassified into one share of common stock, with no
change in the $0.0001 par value per
share. Holders of fractional shares will be entitled to receive the
number of shares rounded up to the next whole number.
The reverse stock split is being effected after the Board of
Director's consideration of a variety of factors, including the
current trading price of the Company's common stock and the NYSE
American continued listing requirements. The Company does not
expect the reverse stock split to impact its current or future
business operations.
All outstanding stock options, warrants, and equity incentive
plans will be proportionately affected with the exception of the
reserve for future issuance of 1,200,000 shares of common stock
under the 2023 Stock and Incentive Plan which will not be subject
to adjustment. The exercise prices of the outstanding stock
options, warrants, and equity incentive plans will be adjusted in
accordance with their respective terms. The reverse stock split
will affect all stockholders uniformly and will not affect any
stockholder's ownership percentage of the Company's shares with the
exception of those holders of fractional shares.
Equiniti Trust Company ("Equiniti"), the Company's transfer
agent, will act as the exchange agent for the reverse stock split.
Equiniti will provide instructions to stockholders with physical
certificates regarding the process for exchanging their
certificates for split-adjusted shares into "book-entry form" and
receiving adjustment for fractional shares, if any. Those
stockholders with common stock in "street name" will receive
instructions from their brokers.
Caution Regarding Forward-Looking Statements
All statements other than statements of historical facts
contained in this letter, including statements regarding our
anticipated future clinical developments, future financial
position, and plans and objectives of management for future
operations, are forward-looking statements. Words such as "may",
"will", "should", "forecast", "could", "expect", "suggest",
"believe", "estimate", "continue", "anticipate", "intend",
"ongoing", "opportunity", "potential", "predicts", "seek", "plan,"
or similar words, or the negatives of such terms or other
variations on such terms or comparable terminology, typically
identify forward-looking statements.
Forward-looking statements are based on certain assumptions and
expectations of future events and trends that are subject to risks
and uncertainties including: we are dependent on the success of our
OA-20X program and we cannot be certain that any preclinical data
will support its further development; there can be no assurance
that we will be successful in identifying or completing any
strategic alternative or that any such strategic alternative will
yield value for our stockholders; we may not be able to manage
third parties to provide timely, high quality, and cost-effective
services to us; our history of losses and our cash resources
available to execute our business plan over the next twelve months
raise substantial doubt about our ability to continue as a going
concern; we are involved in legal proceedings that likely will
adversely affect our financial position and our pursuit of
strategic alternatives; we may need additional capital to fund our
future operations, the development of the OA-20X program and any
strategic transaction; we are dependent on adequate protection of
our patent and proprietary rights; the price of our stock has been
and may continue to be extremely volatile; if we cannot continue to
satisfy the NYSE American continued listing requirements and rules,
our securities may be delisted, which could negatively impact the
price of our securities; and other risks described in "Risk
Factors" and elsewhere in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022
and subsequent periodic reports filed with the SEC.
We undertake no obligation to update or revise publicly any
forward-looking statements to reflect events or circumstances after
the date of such statements for any reason, except as otherwise
required by law.
For more information, contact:
Ampio Pharmaceuticals,
Inc.
Michael Martino
Chief Executive Officer
mmartino@ampiopharma.com
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SOURCE Ampio Pharmaceuticals, Inc.
