Scorpius Holdings Announces Reverse Stock Split
17 Juillet 2024 - 10:30PM
Scorpius Holdings, Inc (NYSE American: SCPX) (“Scorpius” or “the
Company”), an integrated contract development and manufacturing
organization (“CDMO”), today announced that the Company’s Board of
Directors approved a 1-for-200 reverse stock split (the “Reverse
Stock Split”) of the Company’s common stock (the “Common Stock”),
to increase the selling price of the Company’s Common Stock in
order to regain compliance with the requirements and policies of
the NYSE American. However, there can be no assurance that that the
Reverse Stock Split will increase the Company’s stock price
sufficiently in order to meet any requirements and policies of the
NYSE American.
The Reverse Stock Split will take legal effect
at 11:01 P.M. Eastern Time on July 17, 2024, and the Company's
Common Stock will open for trading on the OTC Markets on July 18,
2024, on a post-split basis, under the existing ticker symbol
"SCPX" but with new CUSIP number 42237K508.
At Scorpius Holdings, Inc’s Annual Meeting of
Shareholders (the “Annual Meeting”) held on July 15, 2024, the
Company’s stockholders approved a proposal to amend the Company’s
certificate of incorporation to effect a reverse stock split of its
Common Stock at a ratio of between 1-for-5 to 1-for-200, with the
ratio within such range to be determined at the discretion of the
Company’s Board. Following the Annual Meeting, the Board approved a
final split ratio of 1-for-200. Following the Reverse Stock Split,
the ownership percentage of each stockholder will remain unchanged,
other than with respect to fractional shares.
Additional details regarding the Company’s
Reverse Stock Split can be found in the Current Report on Form 8-K
that the Company will file with the SEC.
Scorpius Holdings, Inc.
Scorpius Holdings, Inc. is an integrated
contract development and manufacturing organization (CDMO) focused
on rapidly advancing biologic and cell therapy programs to the
clinic and beyond. Scorpius offers a broad array of analytical
testing, process development, and manufacturing services to
pharmaceutical and biotech companies at its state-of-the-art
facilities in San Antonio, Texas. With an experienced team and new,
purpose-built U.S. facilities, Scorpius is dedicated to transparent
collaboration and flexible, high-quality biologics
biomanufacturing. For more information, please visit
www.scorpiusbiologics.com.
Forward-Looking Statement
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. In some cases, forward-looking statements can be
identified by terminology such as "may," "should," "potential,"
"continue," "expects," "anticipates," "intends," "plans,"
"believes," "estimates," and similar expressions, and include
statements regarding regaining compliance with the requirements and
policies of the NYSE American. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the ability of the Company to successfully
appeal the determination to the Exchange’s Listing Qualifications
Panel and have its Common Stock remain listed and recommence
trading on the NYSE American; the Company’s financing needs; its
cash balance being sufficient to sustain operations and its ability
to raise capital when needed; the Company’s ability to leverage
fixed costs and achieve long-term profitability; the Company’s
ability to obtain regulatory approvals or to comply with ongoing
regulatory requirements; regulatory limitations relating to the
Company’s ability to successfully promote its services and compete
as a pure- play CDMO; and other factors described in the Company’s
annual report on Form 10-K for the year ended December 31, 2023,
subsequent quarterly reports on Form 10-Qs and any other filings
the Company makes with the SEC. The information in this
presentation is provided only as of the date presented, and the
Company undertakes no obligation to update any forward-looking
statements contained in this presentation on account of new
information, future events, or otherwise, except as required by
law.
Media and Investor Relations ContactDavid
Waldman+1 919 289 4017ir@scorpiusbiologics.com
Scorpius (AMEX:SCPX)
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