PHOENIX, June 9, 2023
/PRNewswire/ -- Creative Medical Technology Holdings, Inc.
("Creative Medical Technology" or the "Company") (NASDAQ:
CELZ), a biotechnology company focused on a regenerative
approach to immunotherapy, endocrinology, urology, gynecology, and
orthopedics, today announced that the company's Board of Directors
has approved a reverse stock split of its shares of common stock at
a ratio of 1 for 10 (the "Reverse Stock Split"). The Reverse Stock
Split will become effective at 9:00 a.m.
Eastern time on June 12, 2023,
and the Company's common stock will open for trading on The Nasdaq
Capital Market on a post-split basis on June
12, 2023 under the Company's existing trading symbol "CELZ".
At such time, the Company's common stock will also commence trading
under new CUSIP number 22529Y 408.
We expect that the Reverse Stock Split will increase the market
price per share of the Company's common stock, bringing the Company
into compliance with the $1.00
minimum bid price requirement for maintaining its listing on The
Nasdaq Capital Market.
At the effective time of the Reverse Stock Split, every ten (10)
shares of the Company's common stock issued and outstanding will be
combined into one (1) share of common stock issued and outstanding,
with no change to the par value of $0.001 per share. This will reduce the Company's
outstanding common stock from approximately 14.1 million shares to
approximately 1.4 million shares. The Reverse Stock Split will also
reduce the authorized number of shares of the Company's common
stock from 50 million to 5 million. Fractional shares resulting
from the Reverse Stock Split will be rounded up to the nearest
whole share, and all currently issued shares of common stock held
by a shareholder shall be aggregated for the purpose of determining
whether the Reverse Stock Split would result in the issuance of a
fractional share. The Reverse Stock Split will also result in an
adjustment to the number of shares of common stock issuable upon
exercise of the Company's outstanding equity awards and warrants
and a corresponding adjustment to the exercise prices of such
securities.
Stockholders who hold their shares in electronic form do not
have to take any action as the effect of the Reverse Stock Split
will automatically be reflected in their accounts. Stockholders
holding paper certificates may (but are not required to) send their
certificates to the Company's transfer agent, VStock Transfer LLC
if they would like to exchange their certificate for a new
certificate representing the post-split share amount.
About Creative Medical Technology Holdings
Creative
Medical Technology Holdings, Inc. is a biotechnology company
dedicated to the advancement of identifying and translating novel
biological therapeutics in the fields of immunotherapy,
endocrinology, urology, gynecology, and orthopedics and is traded
on NASDAQ under the ticker symbol CELZ. For further information
about the Company, please
visit www.creativemedicaltechnology.com.
Forward Looking Statements
This news release may
contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming clinical
trials and laboratory results, marketing efforts, funding, etc.
Forward-looking statements address future events and conditions
and, therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in
such statements. See the periodic and other reports filed by
Creative Medical Technology Holdings, Inc. with the Securities and
Exchange Commission and available on the Commission's website at
www.sec.gov.
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SOURCE Creative Medical Technology Holdings, Inc.