Benitec Biopharma Announces 1-for-17 Reverse Stock Split Effective July 26, 2023
25 Juillet 2023 - 7:00PM
Benitec Biopharma Inc. (NASDAQ: BNTC) (“Benitec” or “Company”), a
clinical-stage, gene therapy-focused, biotechnology company
developing novel genetic medicines based on its
proprietary DNA-directed RNA interference (“ddRNAi”)
“Silence and Replace” platform, announced today that it will
effect a 1-for-17 reverse stock split (“Reverse Stock Split”) of
its common stock, par value $0.0001 per share (“Common Stock”),
that will become effective on July 26, 2023, at 12:01 a.m., Eastern
Time. Benitec’s Common Stock will continue to trade on The Nasdaq
Capital Market (“Nasdaq”) under the existing symbol “BNTC” and will
begin trading on a split-adjusted basis when the market opens on
July 26, 2023. The new CUSIP number for the Common Stock following
the Reverse Stock Split will be 08205P209.
The Reverse Stock Split is primarily intended to bring the
Company into compliance with the $1.00 minimum bid price
requirement for maintaining its listing on Nasdaq. There is no
guarantee the Company will meet the minimum bid price
requirement.
At the annual meeting of stockholders held on December 7, 2022,
the Company’s stockholders granted the Company’s Board of Directors
(the “Board”) the discretion to effect the Reverse Stock Split at a
ratio of not less than 1-for-5 and not more than 1-for-20, with
such exact ratio to be determined by the Board without further
approval or authorization of the Company’s stockholders. On July
24, 2023, the Board approved a 1-for-17 reverse split ratio, and on
July 25, 2023, the Company filed a Certificate of Amendment to its
Amended and Restated Certificate of Incorporation to effect the
Reverse Stock Split effective July 26, 2023.
The 1-for-17 reverse stock split will automatically combine and
convert 17 current shares of the Company’s Common Stock into one
issued and outstanding share of Common Stock. Proportional
adjustments also will be made to all outstanding securities of the
Company entitling their holders to purchase shares of Common Stock
or acquire shares of Common Stock, including issued and outstanding
stock options, pre-funded warrants and warrants, as a result of the
Reverse Stock Split, as required by the terms of those securities.
The Reverse Stock Split will not change the par value of the Common
Stock nor the authorized number of shares of Common Stock.
No fractional shares will be issued in connection with the
Reverse Stock Split. All fractional shares will be rounded up to
the nearest whole share. The Reverse Stock Split will affect all
stockholders uniformly and will not alter any stockholder’s
percentage interest in the Company’s equity (other than as a result
of the rounding of shares to the nearest whole share in lieu of
issuing fractional shares).
The Company’s transfer agent and registrar and warrant agent,
Computershare Trust Company, N.A., will serve as the exchange agent
for the Reverse Stock Split. Registered stockholders holding
pre-split shares of the Company’s Common Stock electronically in
book-entry form are not required to take any action to receive
post-split shares. Stockholders owning shares via a broker, bank,
trust or other nominee will have their positions automatically
adjusted to reflect the Reverse Stock Split, subject to such
broker’s particular processes, and will not be required to take any
action in connection with the Reverse Stock Split.
About Benitec Biopharma Inc.
Benitec Biopharma Inc. (“Benitec” or the
“Company”) is a clinical-stage biotechnology company focused on the
advancement of novel genetic medicines with headquarters in
Hayward, California. The proprietary DNA-directed RNA interference
“Silence and Replace” platform combines RNA interference, or RNAi,
with gene therapy to create medicines that simultaneously
facilitate sustained silencing of disease-causing genes and
concomitant delivery of wildtype replacement genes following a
single administration of the therapeutic construct. The Company is
developing Silence and Replace-based therapeutics for chronic and
life-threatening human conditions including Oculopharyngeal
Muscular Dystrophy (OPMD). A comprehensive overview of the Company
can be found on Benitec’s website at www.benitec.com.
Cautionary Note Concerning Forward-Looking
Statements
Except for the historical information set forth
herein, the matters set forth in this press release include
forward-looking statements, including statements regarding how
Benitec’s stock will perform after the Reverse Stock Split,
Benitec’s ability to timely implement the Reverse Stock Split, the
success of the Reverse Stock Split, Benitec’s ability to regain
compliance with the Nasdaq listing standards, Benitec’s plans to
develop and commercialize its product candidates, the timing of the
initiation and completion of pre-clinical and clinical
trials, the timing of patient enrollment and dosing in clinical
trials, the timing of expected regulatory filings, the clinical
utility and potential attributes and benefits of ddRNAi and
Benitec’s product candidates, potential
future out-licenses and collaborations, the intellectual
property position and the ability to procure additional sources of
financing, and other forward-looking statements.
These forward-looking statements are based on
the Company’s current expectations and subject to risks and
uncertainties that may cause actual results to differ materially,
including unanticipated developments in and risks related to:
unanticipated delays; further research and development and the
results of clinical trials possibly being unsuccessful or
insufficient to meet applicable regulatory standards or warrant
continued development; the ability to enroll sufficient numbers of
subjects in clinical trials; determinations made by the U.S. Food
and Drug Administration and other governmental authorities; the
Company’s ability to protect and enforce its patents and other
intellectual property rights; the Company’s dependence on its
relationships with its collaboration partners and other third
parties; the efficacy or safety of the Company’s products and the
products of the Company’s collaboration partners; the acceptance of
the Company’s products and the products of the Company’s
collaboration partners in the marketplace; market competition;
sales, marketing, manufacturing and distribution requirements;
greater than expected expenses; expenses relating to litigation or
strategic activities; the Company’s ability to satisfy its capital
needs through increasing its revenue and obtaining additional
financing; given market conditions and other factors, including the
Company’s capital structure; the Company’s ability to continue as a
going concern; the length of time over which the Company expects
its cash and cash equivalents to be sufficient to execute on its
business plan; the impact of COVID-19, the disease caused
by the SARS-CoV-2 virus, which may adversely impact the
Company’s business and pre-clinical and future clinical
trials; the impact of local, regional, and national and
international economic conditions and events; and other risks
detailed from time to time in the Company’s reports filed with the
Securities and Exchange Commission. The Company disclaims any
intent or obligation to update these forward-looking
statements.
Investor Relations Contacts:
William WindhamVP, Solebury Strategic CommunicationsPhone:
646-378-2946Email: wwindham@soleburystrat.com
Benitec Biopharma (NASDAQ:BNTC)
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