Allarity Therapeutics Takes Decisive Step Toward Regaining Nasdaq Compliance with Nasdaq Listing Rule 5550(a)(2)
11 Settembre 2024 - 2:00PM
Boston (September 11, 2024) —
Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ:
ALLR), a clinical-stage pharmaceutical company dedicated to
developing personalized cancer treatments, today announced that the
Company is taking a decisive step toward regaining compliance with
Nasdaq’s listing requirements, as outlined by the Nasdaq Hearings
Panel during a meeting on August 15, 2024.
At the meeting, the Nasdaq Hearings Panel approved Allarity’s
plan to maintain its listing, contingent upon the Company securing
shareholder approval for a reverse stock split by September 6,
2024. This approval was granted by Allarity’s shareholders at the
Company’s Annual Meeting of Stockholders on September 3, 2024. The
Board of Directors has since approved the implementation of a
1-for-30 Reverse Stock Split of its outstanding shares of common
stock (the “Reverse Stock Split”), which took effect at 12:01am
Eastern Time today, September 11, 2024. The Company’s common stock
will begin trading on a split-adjusted basis when the market opens
today.
Thomas Jensen, CEO of Allarity Therapeutics, commented, “We are
committed to maintaining our Nasdaq listing and are taking decisive
steps to meet the exchange’s requirements. By implementing this
reverse stock split, we are mitigating the risks of delisting and
positioning Allarity to further advance our unique precision
medicine approach. Stenoparib has shown promising clinical benefit
in patients with advanced ovarian cancer, who have exhausted other
treatment options. Our focus remains on progressing the development
of stenoparib, while ensuring we comply with Nasdaq’s regulatory
standards.”
New CUSIP and Shareholdings AdjustmentsThe new
CUSIP number for Allarity’s common stock following the Reverse
Stock Split will be 016744500. As a result of the Reverse Stock
Split, the total number of shares of Allarity’s issued and
outstanding common stock will be reduced to approximately
one-thirtieth of the pre-split amount. Stockholders holding
fractional shares post-split will have their shares rounded up to
the nearest whole number. Proportional adjustments will also be
made to outstanding equity awards and authorized shares under
Allarity’s 2021 equity incentive plan.Allarity has appointed
Computershare Limited as the exchange agent to facilitate the
Reverse Stock Split process. Registered stockholders with shares
held in book-entry form are not required to take any action to
receive their post-split shares. Stockholders holding shares
through brokerage accounts will see their holdings automatically
adjusted to reflect the Reverse Stock Split. For stockholders with
physical certificates, Computershare will provide instructions on
how to exchange their certificates for post-split shares.
About StenoparibStenoparib is an orally
available, small-molecule dual-targeted inhibitor of PARP1/2 and
Tankyrase 1 and 2. At present, tankyrases are attracting
significant attention as emerging therapeutic targets for cancer,
principally due to their role in regulating the Wnt signaling
pathway. Aberrant Wnt/β-catenin signaling has been implicated in
the development and progression of numerous cancers. By inhibiting
PARP and blocking Wnt pathway activation, stenoparib’s unique
therapeutic action shows potential as a promising therapeutic.
Allarity has exclusive global rights for the development and
commercialization of stenoparib, which was originally developed by
Eisai Co. Ltd. and was formerly known under the names E7449 and
2X-121.
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 timing of the Reverse
Stock Split and Allarity’s ability to regain compliance with the
Nasdaq minimum bid price requirement. 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, Allarity’s ability to regain compliance
with the minimum bid price requirement and maintain its listing on
Nasdaq, the trading price of Allarity’s shares of common stock may
be volatile and other risks inherent in Allarity’s business,
including, the risk that the Company is not able to raise
sufficient capital to support its current and anticipated clinical
trials, the risk that early results of a clinical study do not
necessarily predict final results and that one or more of the
clinical outcomes may materially change following more
comprehensive reviews of the data, and as more patient data become
available, the risk that results of a clinical study are subject to
interpretation and additional analyses may be needed and/or may
contradict such results, the receipt of regulatory approval for
stenoparib or any of our other therapeutic candidates and companion
diagnostics or, if approved, the successful commercialization of
such products, the risk of cessation or delay of any of the ongoing
or planned clinical trials and/or our development of our product
candidates, the risk that the results of previously conducted
studies will not be repeated or observed in ongoing or future
studies involving our therapeutic candidates. 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 October
30, 2023, as amended 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 Therapeutics Press Release - Allarity Takes Decisive
Step Toward Regaining Nasdaq Compliance
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