Proposal to Authorize Reverse Stock Split has
ENGLEWOOD, Colo., Oct. 14,
2022 /PRNewswire/ -- Ampio Pharmaceuticals, Inc.
(NYSE American/OTC Pink: AMPE), today released the following letter
to stockholders from its Chairman, Kevin
Buchi, and Chief Executive Officer, Mike Martino.
Dear Fellow Ampio Stockholder,
On behalf of the Board of Directors, we would like to take this
opportunity to thank you for your support on the recent vote
to authorize a reverse stock split of the Company's common stock.
The approval of this proposal by a majority of our stockholders
improves our chances to resume trading on the NYSE American
Exchange. In that regard, a trading suspension for our common
shares has been in effect since October
We intend to implement the reverse split once all regulatory
requirements, approvals and submissions are completed, including
filing an Issuer Company-Related Action Notification with the
Financial Industry Regulatory Authority (FINRA), as our common
shares are now trading on the OTC Pink Open Market tier.
Assuming our submission is cleared by FINRA, we plan to initiate
the reverse split process. However, with this said, we will
continue to closely monitor our trading activity and stock price
and implement the reverse split at such time that we believe is in
the best interest of our stockholders.
To be clear, while we remain "listed" on the NYSE American, our
common stock is currently trading on the OTC Pink Open Market tier.
Pending the execution of a successful reverse split, we are
evaluating all available listing and trading options.
The first option is to seek the termination of the trading
suspension on the NYSE American, so that trading may resume on that
market. In connection with that effort, we filed an appeal with the
NYSE on October 10, 2022, and, in the
meantime, we are continuing our dialog with the NYSE Staff.
If we are not successful in seeking the termination of the
trading suspension, or on our appeal, we intend to seek to move our
trading to the OTCQB Venture Market; and we may ultimately seek to
re-list on the NYSE American Exchange or uplist to The Nasdaq Stock
Market at some future time.
In parallel to the listing processes previously discussed, we
are continuing to move forward with conducting preclinical studies
on AR-300, a new and improved formulation of Ampion, as well as
continuing to pursue and evaluate strategic transactions to secure
a later stage asset. Consistent with our management philosophy and
practice, we will update you on these efforts when we have
something meaningful to report.
Finally, we are aggressively continuing efforts to streamline
operations that will conserve cash. We expect to provide you an
update on this progress in our next 10-Q filing in November.
J. Kevin Buchi
Chairman of the Board
Michael A. Martino
Chief Executive Officer
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Any statements contained
in this press release that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting
the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," or "estimate" or comparable terminology are intended
to identify forward-looking statements. Such forward-looking
statements include, for example, statements about the potential
impact of the reverse stock split, the potential for a successful
appeal from the NYSE Regulatory delisting decision, and our ability
to become listed on OTCQB Venture Market, NYSE American or the
Nasdaq Stock market.
Forward-looking statements are subject to various risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such statements including, among
others the risk that the Company will not be successful in any
appeal, that Ampio's stock will be delisted from the NYSE American,
that any reverse stock split may not satisfy the NYSE American
requirements for relisting, and that there may be no market in the
Company's common stock.
The forward-looking statements in this press release speak only
as of the date of this press release. Except as required by law,
Ampio assumes no obligation to update or revise these
forward-looking statements for any reason, except as required by
Investor and Media Contacts:
Tony Russo or Nic
View original content to download
SOURCE Ampio Pharmaceuticals, Inc.