Common Stock Will Begin Trading on a
Split-Adjusted Basis on August 31,
2022
CRANBURY, N.J., Aug. 19, 2022 /PRNewswire/ -- Palatin
Technologies, Inc. (NYSE American: PTN), a biopharmaceutical
company developing first-in-class medicines based on molecules that
modulate the activity of the melanocortin and natriuretic peptide
receptor systems, today announced that it intends to effect a
1-for-25 reverse split of its issued and outstanding common stock
(the "Reverse Stock Split"). The Reverse Stock Split will become
effective as of 5:00 p.m. Eastern
Time on August 30, 2022 (the
"Effective Date"), and the Company's common stock is expected to
begin trading on a split-adjusted basis when the market opens on
August 31, 2022.
At Palatin's Annual Meeting of Stockholders held on June 24, 2022 (the "2022 Annual Meeting"), the
Company's stockholders approved the amendment to the Company's
Amended and Restated Certificate of Incorporation to effect a
reverse stock split of the Company's common stock at a ratio of not
less than 1-for-10 and not more than 1-for-25, with such ratio and
the implementation and timing of such Reverse Stock Split to be
determined by the Company's Board of Directors in its sole
discretion at any time prior to the first anniversary of the 2022
Annual Meeting.
The Board of Directors has now approved the implementation of a
1-for-25 Reverse Stock Split with the timing described above. The
reverse stock split will reduce the number of shares of Palatin's
common stock outstanding from approximately 231,774,000 shares to
approximately 9,271,000 shares, but will not change the authorized
number of shares of Common Stock, which will remain at 300,000,000
shares of Common Stock.
The Company's common stock will continue to trade on the NYSE
American Stock Market under the symbol "PTN." The new CUSIP number
for the common stock following the Reverse Stock Split will be
696077502.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. No
fractional shares will be issued in connection with the Reverse
Stock Split. Stockholders who otherwise would be entitled to
receive a fractional share will instead be entitled to receive cash
(rounded down to the nearest cent, without interest and subject to
applicable withholding taxes) in lieu of such fractional share from
the Company's transfer agent, American Stock Transfer & Trust
Company, LLC, in an amount equal to the product obtained by
multiplying (a) the average closing price per share of the
Company's common stock as reported on NYSE American for the five
trading days prior to the Effective Date, by (b) the number of
shares of common stock outstanding immediately prior to the
Effective Date that were converted into fractional shares. Holders
of the Company's common stock held in book-entry form or through a
bank, broker or other nominee do not need to take any action in
connection with the Reverse Stock Split. Stockholders of record
will be receiving information from the Company's transfer agent
regarding their common stock ownership post-Reverse Stock
Split.
About Palatin
Palatin is a biopharmaceutical company
developing first-in-class medicines based on molecules that
modulate the activity of the melanocortin and natriuretic peptide
receptor systems, with targeted, receptor-specific product
candidates for the treatment of diseases with significant unmet
medical need and commercial potential. Palatin's strategy is to
develop products and then form marketing collaborations with
industry leaders to maximize their commercial potential. For
additional information regarding Palatin, please visit Palatin's
website at www.Palatin.com and follow Palatin on Twitter at
@PalatinTech.
Forward-looking Statements
Statements in this press
release that are not historical facts, including statements about
future expectations of Palatin, are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Palatin intends that such forward-looking statements be subject to
the safe harbors created thereby. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause Palatin's actual results to be materially
different from its historical results or from any results expressed
or implied by such forward-looking statements. Palatin's actual
results may differ materially from those discussed in the
forward-looking statements for reasons including, but not limited
to, results of clinical trials, regulatory actions by the FDA and
other regulatory and the need for regulatory approvals, Palatin's
ability to fund development of its technology and establish and
successfully complete clinical trials, the length of time and
cost required to complete clinical trials and submit
applications for regulatory approvals, products developed by
competing pharmaceutical, biopharmaceutical and biotechnology
companies, commercial acceptance of Palatin's products, and other
factors discussed in Palatin's periodic filings with the Securities
and Exchange Commission. Palatin is not responsible for updating
for events that occur after the date of this press release.
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SOURCE Palatin Technologies, Inc.