- The Board of Directors of ProMIS Neurosciences (PMN) has approved a 1-for-60 reverse share split of the company’s issued and outstanding common shares
- This will allow the company to meet the criteria to list its common shares on the Nasdaq Capital Market
- The reverse split will be effective before market opening on June 28, 2022
- The company’s TSX trading symbol PMN will remain unchanged, but the CUSIP number for the common shares will change to 74346M406
- ProMIS Neurosciences Inc. is a development-stage biotechnology corporation focused on discovering and developing antibody therapeutics
- ProMIS Neurosciences Inc. was up 3.846 per cent, trading at $0.125 at 2:13 PM ET
The Board of Directors of ProMIS Neurosciences (PMN) has approved 1-for-60 reverse share split of the company’s issued and outstanding common shares.
This will allow the company to meet the criteria required to list its common shares on the Nasdaq Capital Market.
The reverse split will be effective prior to market opening on June 28, 2022.
The company’s TSX trading symbol PMN will remain unchanged but the CUSIP number for the common shares will change to 74346M406.
The company’s trading symbol on the OTCQB will remain unchanged, although a “D” will be placed at the end of the “ARFXF” trading symbol (i.e., “ARFXFD”) for 20 business days following the reverse split.
As of June 24, 2022, ProMIS Neurosciences had 431,731,592 common shares issued and outstanding, and after the reverse split, the company will have approximately 7,195,526 common shares issued and outstanding.
The percentage ownership interest in the company and proportional voting power of each shareholder will remain virtually the same as before, except for minor adjustments that may result from rounding fractional shares into whole shares.
Outstanding share options and share purchase warrants will also be adjusted by the reverse split ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
The reverse split is intended to increase the quoted market per share price of the company’s common shares, to meet NASDAQ’s requirement that the common shares trade at US$4.00 or higher as of the listing date.
Prior to listing on NASDAQ, the company’s listing application must be approved. There can be no assurance that NASDAQ will approve ProMIS’ listing application in a timely manner, if at all.
ProMIS Neurosciences Inc. is a development-stage biotechnology corporation focused on discovering and developing antibody therapeutics.
ProMIS Neurosciences Inc. was up 3.846 per cent, trading at $0.125 at 2:13 PM ET.