ENGLEWOOD, Colo., Oct. 4, 2022
/PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NYSE American: AMPE)
(the "Company") received written notification from NYSE American
LLC ("NYSE American" or the "Exchange") stating that the staff of
NYSE Regulation has determined to commence proceedings to delist
the Company's common stock from the Exchange. Trading in the
Company's common stock was suspended.
NYSE Regulation staff determined that the Company is no longer
suitable for listing pursuant to Section 1033(f)(v) of the NYSE
American Company Guide due to the abnormally low trading price of
the Company's common stock. The Exchange's application to the
Securities and Exchange Commission to delist the Company's common
stock is pending, subject to the completion of the Exchange's
applicable procedures, including any appeal by the Company of NYSE
Regulation's decision.
The Company has a right to an appeal of this determination by
the Exchange, provided that the Company files a written request for
such review within seven calendar days after receiving the
notice. The Company's Board of Directors is currently
considering whether to appeal the Exchange's determination to
commence delisting proceedings.
Prior to receipt of the letter from NYSE American, the Company
began actively taking steps to regain compliance with the listing
standards of the NYSE American. Specifically, the Company's Board
of Directors unanimously approved and recommended that the
Company's stockholders approve an amendment to the Company's
certificate of incorporation to effect a reverse stock split of the
Company's common stock at a ratio of not less than 5-to-1 and not
greater than 15-to-1, with the exact ratio to be determined by the
Board in its discretion before October 13,
2023 (the "Reverse Stock Split"). The Company has called a
Special Meeting of Stockholders for October
13, 2022 to consider the Reverse Stock Split. Consummation
of the Reverse Stock Split may increase the price of the Company's
shares of common stock and, as a result, would likely enable the
Company to maintain a higher market price for its common stock,
although there can be no assurance that the Company's stockholders
will approve the Reverse Stock Split. There can be no assurance
that the Company will appeal the Exchange's determination or the
outcome of any such appeal. There can be no assurance that the
Exchange will reconsider their decision to delist in light of such
appeal.
In the meantime, the Company's common stock will trade on the
OTC Pink under the symbol "AMPE." The Company can provide no
assurance that its common stock will continue to trade on this
market, that brokers will continue to provide public quotes of the
Company's common stock on this market or otherwise make a market in
the Company's common stock or that the trading volume of the
Company's common stock will be sufficient to provide for an
efficient trading market.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements, other than statements of present or
historical fact, included in this document regarding the proposed
reverse stock split and strategic alternatives process are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties, including: Ampio's stock is
subject to delisting from the NYSE American under currently pending
delisting proceeding; the Ampio stockholders may not approve the
reverse stock split proposal; if a reverse stock split is
completed, the market price of Ampio's common stock may not
demonstrate sustained price improvement to regain compliance with
the NYSE American continued listing standards or Ampio may not be
able to maintain listing on the NYSE American for any other reason;
the challenges in identifying one or more attractive, strategic
businesses to transform Ampio through one or more strategic
transactions and the risk that no strategic transaction will be
considered by the Ampio board to be in the best interests of its
stockholders; the strategic alternatives process will consume our
cash resources and reduce cash available to be used in a strategic
transaction or cash available for the post-closing business; the
strategic alternatives process and any strategic transaction may
involve unexpected costs, liabilities or delays; the expense and
risk associated with any strategic transaction, including the risk
that the expected benefits of the transaction may not be realized
in the time frames expected or at all; and Ampio's stock price has
suffered and may continue to suffer as a result of uncertainty
surrounding the strategic alternatives process and any resulting
strategic transaction.
Media Contact:
Nic Johnson,
nic.johnson@russopartnersllc.com
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SOURCE Ampio Pharmaceuticals, Inc.