HOUSTON, Oct. 14, 2022 (GLOBE NEWSWIRE) — Salarius Pharmaceuticals, Inc. SLRX, a clinical-stage biopharmaceutical company developing medicines for patients fighting cancer who require new treatment options, today announced that it will conduct a 1:25 reverse stock split at 5:00 pm Eastern Time today. Beginning with the opening of trading on October 17, 2022, the common shares of Salarius will trade on the Nasdaq Capital Market on a split-adjusted basis under the new CUSIP number 79400X305.
The reverse stock split is intended to allow Salarius to regain the $1.00 minimum closing bid price required to continue listing on the Nasdaq Capital Market.
At the Salarius Annual General Meeting on June 15, 2022, the shareholders of Salarius approved the proposal to authorize the Board of Directors of Salarius to file an amendment to the Articles of Incorporation of Salarius to effect the reverse split in a ratio to be determined by the Board, from 1-for -5 to 1-for-30. The specific 1:25 ratio was subsequently approved by the Salarius board of directors and the reverse stock split was completed by filing a certificate of amendment to the Salarius Articles of Incorporation with the Delaware Secretary of State.
The reverse split will affect all issued and outstanding shares of Salarius common stock. At the effective date of the reverse stock split, the number of common shares issued and outstanding will be reduced from approximately 56,236,000 shares to approximately 2,249,000. All outstanding options and warrants entitling their holders to purchase shares of Salarius common stock will be adjusted as a result of the reverse split according to the terms of each security. The number of shares reserved for future issuance under the 2015 Salarius Stock Incentive Plan and the number of shares reserved for future issuance under the 2015 Salarius Employee Stock Purchase Plan will also be adjusted accordingly. The reverse stock…
