Allarity Encourages Shareholders to Vote FOR the Reverse Stock Split and Decrease in Authorized Shares
24 Luglio 2024 - 12:00PM
Boston (July 24, 2024)—Allarity
Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a
Phase 2 clinical-stage pharmaceutical company dedicated to
developing personalized cancer treatments, encourages its
stockholders to participate actively in the upcoming annual meeting
of stockholders scheduled on July 26, 2024.
The Company’s Board of Directors has put a proposal before
stockholders for a reverse stock split. Allarity has requested
approval of the reverse stock split to regain and sustain
compliance with Nasdaq requirements. The reverse stock split is
essential to enabling compliance with this objective. If the
reverse stock split is not approved by the Company’s stockholders,
the Company’s common stock may be delisted from Nasdaq. Put simply,
a Nasdaq delisting could complicate stockholder’s ability to trade
the Company’s common stock, impact its stock price and affect
stockholder’s ability to buy or sell when desired.
Therefore, the Board of Directors emphasizes the importance of
this stockholders’ vote, specifically urging for a positive vote
FOR the reverse stock split as well as FOR the decrease in
authorized shares. If you have previously cast your vote against
these proposals, we strongly recommend reconsidering your position
and voting in favor of these proposals.
Allarity’s management team is committed to developing
personalized cancer treatments. The Board of Directors believes
that the reverse stock split and decrease in authorized shares are
instrumental for several reasons, including:
- Maintenance with Nasdaq Listing Status: If the
reverse stock split proposal is not approved by the Company’s
stockholders, the Company’s common stock may be delisted from
Nasdaq. Maintaining a Nasdaq listing is crucial for investor
confidence, potential investment inflows, and to maintain liquidity
in the Company’s common stock; and
- Decrease Authorized Shares to Eliminate Certain
Negative Effects: Future issuances of common stock or
securities convertible into common stock could have a negative
impact on our earnings per share and book value per share and would
dilute the voting power and ownership of our existing stockholders.
Having a larger number of authorized shares results in higher
Delaware franchise tax obligations.
Failure to secure approval for the reverse stock split may
hinder management’s ability to execute its strategy, to the
potential detriment of stockholders. Additionally, it may impede
business development initiatives dependent on the issuance of
common stock.
It is essential to understand that a reverse stock split
consolidates existing shares, preserving the Company’s overall
value and each shareholder’s respective ownership percentage.
How to vote or how to change your
vote:Stockholders of record as of June 14, 2024, can vote
or change their vote using the instructions in the proxy materials
received via mail around July 1, 2024. If you have not received or
located your proxy materials, contact your brokerage firm or
similar organization for your proxy control number. Interactive
Brokers or Robinhood users should follow instructions from their
respective brokers.If you have already voted, it is not too late to
change your vote should you wish to do so. If you have any
questions or need help voting, please call Allarity’s proxy
solicitor, Sodali & Co, at +1 212 300 2470.
Voting will remain open until 11:59 p.m. ET on
July 25, 2024.
We urge you to vote TODAY.
About Allarity TherapeuticsAllarity
Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage
biopharmaceutical company dedicated to developing personalized
cancer treatments. The Company is focused on development of
stenoparib, a novel PARP/Tankyrase inhibitor for advanced ovarian
cancer patients, using its DRP® companion diagnostic for patient
selection in the ongoing phase 2 clinical trial, NCT03878849.
Allarity is headquartered in the U.S., with a research facility in
Denmark, and is committed to addressing significant unmet medical
needs in cancer treatment. For more information, visit
www.allarity.com.
Follow Allarity on Social MediaLinkedIn:
https://www.linkedin.com/company/allaritytx/X:
https://twitter.com/allaritytx
Forward-Looking Statements This press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide the Company’s current expectations or forecasts
of future events. The words “anticipates,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predicts,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements include, but
are not limited to, statements regarding the Company’s ability to
pass the proposals at the upcoming annual meeting of shareholders
and the consequences if such proposals should fail to pass. Any
forward-looking statements in this press release are based on
management’s current expectations of future events and are subject
to multiple risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risks associated
with maintaining compliance with Nasdaq’s continued listing
requirements, the potential outcomes of the Nasdaq hearings appeal
process, the trading price of Allarity’s shares of common stock may
be volatile, the risk that the Company may not be able to raise
sufficient capital to support its current and anticipated clinical
trials. For a discussion of other risks and uncertainties, and
other important factors, any of which could cause our actual
results to differ from those contained in the forward-looking
statements, see the section entitled “Risk Factors” in our Form S-1
registration statement filed on April 17, 2024, and our Form 10-K
annual report on file with the Securities and Exchange Commission
(the “SEC”), available at the SEC’s website at www.sec.gov, and as
well as discussions of potential risks, uncertainties and other
important factors in the Company’s subsequent filings with the SEC.
All information in this press release is as of the date of the
release, and the Company undertakes no duty to update this
information unless required by law.
###
Company Contact:
investorrelations@allarity.com
Media
Contact: Thomas
Pedersen Carrotize
PR &
Communications +45
6062 9390 tsp@carrotize.com
- Allarity Press Release - Vote FOR the Reverse Stock Split and
Decrease in Authorized Shares
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