Synaptogenix Announces Reverse Stock Split to Maintain Nasdaq Listing
NEW YORK, April 3, 2024 /PRNewswire/ -- Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing therapeutics for neurodegenerative disorders, today announced that it intends to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 25 pre-split shares. The reverse stock split will become effective at 5:00 p.m. Eastern Standard Time on Thursday, April 4, 2024. SNPX common stock will continue to be traded on The Nasdaq Capital Market under the symbol SNPX and will begin trading on a split-adjusted basis when the market opens on Friday, April 5, 2024. The new CUSIP number for SNPX common stock following the reverse stock split will be 87167T 300. The reverse split is intended to increase the per-share trading price of the Company's common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
- The new CUSIP number for SNPX common stock following the reverse stock split will be 87167T 300.
- Stockholders owning shares through a bank, broker, or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
- 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.
- Stockholders who would otherwise hold a fractional share of the Company's common stock following the reverse stock split will receive a cash payment in lieu thereof at a price equal to that fractional share to which the stockholder would otherwise be entitled multiplied by the closing sale price of the common stock on The Nasdaq Capital Market, as adjusted for the reverse stock split, April 4, 2024.