Vyant Bio Announces One-for-Five Reverse Stock Split
01 Novembre 2022 - 1:00PM
Vyant Bio, Inc. (“Vyant Bio” or “Company”) (Nasdaq: VYNT) is an
innovative biotechnology company reinventing drug discovery for
complex neurodevelopmental and neurodegenerative disorders. The
Company’s proprietary central nervous system (“CNS”) drug discovery
platform combines human-derived organoid models of brain disease,
scaled biology, and machine learning. Today, Vyant Bio announced
that the Company will effect a 1-for-5 (1:5) reverse stock split of
its outstanding common stock. This will become effective for
trading purposes as of the commencement of trading on Wednesday,
November 2, 2022. Vyant Bio’s common stock will continue to trade
on The Nasdaq Capital Market under the symbol “VYNT” and under a
new CUSIP number, 92942V208.
The reverse stock split is intended to increase
the per share trading price of Vyant Bio’s common stock to satisfy
the $1.00 minimum bid price requirement for continued listing on
The Nasdaq Capital Market (Nasdaq Listing Rule 5550(a)(2)). As a
result of the reverse stock split, every five pre-split shares of
common stock outstanding will automatically combine into one new
share of common stock without any action on the part of the
shareholders. The number of outstanding shares of common stock is
expected to be reduced from 29,412,798 shares issued and
outstanding as of October 31, 2022, to approximately 5,882,559
shares.
No fractional shares will be issued in
connection with the reverse stock split. Stockholders who otherwise
would be entitled to receive fractional shares because they hold a
number of pre-split shares of the Company’s common stock not evenly
divisible by five will instead receive a cash payment based on the
closing price of the Company’s common stock on the five consecutive
days leading up to the effective date of the reverse split. The
reverse stock split will also apply to common stock issuable upon
the exercise of Vyant Bio’s outstanding warrants and stock options,
with a proportionate adjustment to the exercise prices thereof, and
under the Company’s equity incentive plans.
On July 14, 2022, the holders of a majority of
the Company’s outstanding shares of common stock approved the
reverse stock split and gave the Company’s board of directors
discretionary authority to select a ratio for the split ranging
from one-for-five (1:5) to one-for-fifteen (1:15). The board of
directors approved the reverse stock split at a ratio of
one-for-five (1:5) on October 23, 2022.
Continental Stock Transfer & Trust Company
is acting as the exchange agent and transfer agent for the reverse
stock split. Stockholders holding their shares in book-entry form
or in brokerage accounts need not take any action in connection
with the reverse stock split. Beneficial holders are encouraged to
contact their bank, broker or custodian with any procedural
questions.
ABOUT VYANT BIO, INC.
Vyant Bio, Inc. (“Vyant Bio” or the “Company”)
(Nasdaq: VYNT) is an innovative biotechnology company focused on
identifying unique biological targets and novel and repurposed
therapeutics. Vyant Bio has built a platform of therapeutics
seeking to treat neurodevelopmental and neurodegenerative diseases,
with current programs targeting Rett Syndrome (“Rett”), CDKL5
Deficiency Disorders (“CDD”), and Parkinson’s Disease. The
Company’s approach to drug discovery integrates human-derived
biology with artificial intelligence and machine learning
technologies to de-risk candidate selection, with the goal of
improving the potential effectiveness of drugs discovered earlier
in the development cycle. Vyant Bio’s management believes that drug
discovery needs to progressively shift to more efficient methods as
the widely used models for predicting safe and effective drugs have
under-performed, as evidenced by the significant time and cost of
bringing novel drugs to patients. By combining sophisticated data
science capabilities with highly functional human cell derived
disease models, Vyant Bio seeks to leverage its current ability to
screen and test therapeutic candidates, and create a unique
approach to assimilating data that supports decision making
iteratively throughout the discovery phase of drug development to
identify both novel and repurposed CNS therapeutic candidates.
For more information, please visit or follow
Vyant Bio
at:Internet: www.vyantbio.com
LinkedIn: https://www.linkedin.com/company/vyant-bio
Twitter: @VyantBio
Forward Looking Statements:
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements pertaining to Vyant Bio, Inc.’s
expectations regarding future financial and/or operating results,
the efficacy of our drug screening and discovery process, and
potential for our services, future revenue or growth in this press
release constitute forward-looking statements. Any statements that
are not historical fact (including, but not limited to, statements
that contain words such as “will,” “believes,” “plans,”
“anticipates,” “expects,” and “estimates”) should also be
considered to be forward-looking statements. Forward-looking
statements involve risks and uncertainties, including, without
limitation, risks inherent in our attempts to regain compliance
with The Nasdaq Capital Market’s listing standards, discover drug
candidates, partner with pharmaceutical and other biotechnology
companies, achieve profitability, adapt to the global coronavirus
pandemic, raise capital to meet our liquidity needs, and other
risks discussed in the Vyant Bio, Inc. Form 10-K for the year ended
December 31, 2021, and any subsequent filings with the
Securities and Exchange Commission. These forward-looking
statements speak only as of the date hereof. Vyant Bio disclaims
any obligation to update these forward-looking statements.
Investor Contact:Skyline Corporate
Communications Group, LLCScott Powell, PresidentOne Rockefeller
Plaza, 10th FloorNew York, NY 10020 USAOffice: (646) 893-5835
x2Email: info@skylineccg.com
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