Exhibit 99.1
Eiger BioPharmaceuticals, Inc. Announces
1-for-30 Reverse Stock Split
Palo Alto, Calif., January 4, 2024
/PRNewswire/ — Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR) (the “Company”), a commercial-stage biopharmaceutical company focused on the development of innovative therapies for rare metabolic diseases, today announced that it will
conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-30 (the “Reverse Stock Split”). The Reverse Stock Split will become
effective at 11:59 p.m. Eastern Time, on January 5, 2024. The Company’s common stock will begin trading on a post-split basis at the market open on January 8, 2024. The Reverse Stock Split is part of the Company’s plan to
regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on The Nasdaq Global Market, among other benefits.
The Reverse Stock Split was approved by the Company’s stockholders at the Company’s Special Meeting of Stockholders held on December 28, 2023
(the “Special Meeting”) to be effected in the Board’s discretion within approved parameters. Following the Special Meeting, the final ratio was approved by the Company’s Board on December 28, 2023.
The Reverse Stock Split reduces the number of shares of the Company’s outstanding common stock from approximately 44.4 million shares to
approximately 1.5 million shares, subject to adjustment due to the payment of cash in lieu of fractional shares. As a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares of the Company’s common
stock underlying the Company’s outstanding equity awards and the number of shares issuable under the Company’s equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. There will be
no change to the number of authorized shares or the par value per share.
Information for EIGR Stockholders
As a result of the reverse stock split, every thirty pre-split shares of common stock outstanding will become one share
of common stock. The Company’s transfer agent, Equiniti Trust Company, LLC, will serve as the exchange agent for the reverse stock split.
Registered
stockholders holding pre-split shares of the Company’s common stock electronically in book-entry form are not required to take any action to receive post-split shares. Those stockholders who hold their
shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker’s particular processes, and will not be required to take any action in
connection with the reverse stock split. Stockholders holding shares of the Company’s common stock in certificate form, if any, will receive a transmittal letter from Equiniti with instructions as soon as practicable after the effective date.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares
will receive a cash payment in lieu of such fractional shares.
About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on the development of innovative therapies for rare metabolic diseases. Eiger’s lead product
candidate, avexitide, is a well characterized, first-in-class GLP-1 antagonist being developed for the treatment of
post-bariatric hypoglycemia (PBH) and congenital hyperinsulinism (HI). Avexitide is the only drug in development for PBH with Breakthrough Therapy designation from the FDA.