SALT LAKE
CITY, May 16, 2022 /PRNewswire/ --
PolarityTE, Inc. (Nasdaq: PTE) a biotechnology company
developing regenerative tissue products and biomaterials, today
announced that the Company will effectuate a 1-for-25 reverse stock
split of the Company's issued and outstanding common stock, which
will be effective under Delaware
law at 4:15 p.m. Eastern Time on
Monday, May 16, 2022. As of that time, each 25 shares of
issued and outstanding common stock and equivalents will be
converted into one share of common stock. A new CUSIP number has
been assigned to the Company's common stock as a result of the
reverse stock split, which is 731094 207. The Company's common
stock will trade on The Nasdaq Capital Market on a reverse split
basis beginning on May 17, 2022.
On May 12, 2022,
the Company's stockholders approved the reverse stock split.
The Board of Directors was authorized to implement the
reverse stock split and determine the ratio of the split within a
range of not less than 1-for-10 or greater than 1-for-25.
Thereafter, the Board of Directors determined to fix the ratio for
the reverse stock split at 1-for-25. The reverse stock split is
being effectuated in order to (i) fulfill the Company's obligations
under the Securities Purchase Agreement dated March 15, 2022, pertaining to the registered
direct offering of preferred stock and warrants of the Company, and
(ii) increase the per share trading price of the Company's common
stock to satisfy the $1.00 minimum
bid price requirement for continued listing on The Nasdaq Capital
Market.
The reverse split will reduce the number of
shares of the Company's common stock outstanding on May 16, 2022, from approximately 100.0 million
shares to approximately 4.0 million shares. Proportional
adjustments will be made to the terms and exercise prices of
outstanding options and warrants and to the number of shares
issuable under unvested restricted stock units. With respect to
outstanding common shares, the Company will round up fractional
shares otherwise resulting from the reverse stock split.
About PolarityTE®
PolarityTE, Inc.,
headquartered in Salt Lake City,
Utah, is a biotechnology company developing regenerative
tissue products. PolarityTE's first regenerative tissue product is
SkinTE®. PolarityTE has an open investigational new drug
application (IND) for SkinTE® with the U.S. Food and
Drug Administration (FDA) and is now pursuing the first of two
pivotal studies on SkinTE® needed to support a biologics
license application (BLA) for a chronic cutaneous ulcer
indication. SkinTE® is available for
investigational use only. Learn more at www.PolarityTE.com.
Forward Looking Statements
Certain statements
contained in this release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. They are generally identified by words such as "believes,"
"may," "expects," "anticipates," "intend," "plan," "will," "would,"
"should" and similar expressions. Readers should not place undue
reliance on such forward-looking statements, which are based upon
the Company's beliefs and assumptions as of the date of this
release. The Company's actual results could differ materially due
to the impact of the COVID-19 pandemic, future clinical studies,
and FDA regulatory matters, which cannot be predicted, and the risk
factors and other items described in more detail in the "Risk
Factors" section of the Company's Annual Reports and other filings
with the SEC (copies of which may be obtained at www.sec.gov).
Subsequent events and developments may cause these forward-looking
statements to change. The Company specifically disclaims any
obligation or intention to update or revise these forward-looking
statements as a result of changed events or circumstances that
occur after the date of this release, except as required by
applicable law.
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES
SELF and WELCOME TO THE SHIFT are registered trademarks of
PolarityTE, Inc.
CONTACTS
Investors:
PolarityTE Investor Relations
ir@PolarityTE.com
(385) 831-5284
Media:
David Schull or
Ignacio Guerrero-Ros
David.schull@russopartnersllc.com
Ignacio.guerrero-ros@russopartnersllc.com
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SOURCE PolarityTE, Inc.
