CASI PHARMACEUTICALS ANNOUNCEMENT – GuruFocus.com
ROCKVILLE, Maryland and BEIJING, May 26, 2022
Rockville, Md. and BEIJING, May 26, 2022 /PRNewswire/ — CASI Pharmaceuticals, Inc. (NASDAQ: CASI), an American biopharmaceutical company focused on the development and commercialization of innovative therapeutic and pharmaceutical products, announced today that it has filed a certificate of amendment to its Amended and restated certificate of incorporation to implement a 1 for 10 stock consolidation effective as of 5:00 p.m. Eastern Timeon June 1, 2022. The primary purpose of performing a reverse consolidation is to satisfy the minimum bid price requirement for continued listing on the NASDAQ Capital Market (Rule 5550(a)(1)).
At CASI’s annual shareholders’ meeting held on May 25, 2022shareholders voted to approve a proposal authorizing the Board of Directors, at its discretion, to implement a 1:2 to 1:20 consolidation of the common shares of the Company without further shareholder action, and, as authorized, the board of directors has chosen to implement a consolidation at a ratio of 1:10.
Wei Wu HePh.D., President and CEO of CASI, said, “We appreciate the continued support of our shareholders in granting our Board of Directors the authority to implement a business combination. After a thorough review of our options, the Board has determined that a consolidation of the Company’s shares is in the best interests of shareholders.”
Dr. He continued, “By implementing a reverse stock split, the company is better positioned to regain compliance with NASDAQ listing rules. Maintaining our listing on NASDAQ will provide the company with greater flexibility in accessing capital markets. In 2022 CASI will continue to advance the development and commercialization of our portfolio with a focus on creating shareholder value. »
Reverse Split Details
At the effective time of the reverse stock split 5:00 p.m. Eastern Timeon June 1, 2022all 10 pre-divided common shares of CASI, par value, $0.01 per share, will be automatically reclassified over time and converted into 1 post-split ordinary shares, par value, $0.01 per share. Following the combination, the number of common shares outstanding will be approximately 13,606,249 million, excluding unexercised stock options and warrants and subject to adjustment for fractional shares. The Share Consolidation will not affect a Shareholder’s percentage ownership of CASI Shares, except to the limited extent that the Share Consolidation would result in any Shareholder owning a fractional Share. In addition, CASI common stock will continue to trade on the NASDAQ Capital Market under the symbol “CASI” and under a new CUSIP number, 14757U 208. The Company’s common stock will continue to trade on the NASDAQ Capital Market. and will begin trading on a post-split basis at the opening of trading on June 2, 2022.
Additional information is available directly at www.casipharmaceuticals.com and in the Company’s definitive proxy statement filed with the SEC on April 15, 2022.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is an American biopharmaceutical company focused on the development and commercialization of innovative therapeutic and pharmaceutical products in China, United States, and all over the world. The Company is focused on acquiring, developing and commercializing products that augment its therapeutic focus in hematology-oncology as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching drugs in the Greater China market, relying on Chinaon its regulatory and commercial skills and its global expertise in drug development. The Company’s activities in China are conducted through its wholly owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., located at Beijing, China. The Company has built a commercial team of more than 100 hematology and oncology sales and marketing specialists based in China. More information about CASI is available at www.casipharmaceuticals.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to expectations regarding future financial or business performance, revenue growth, strategies, expectations and objectives. . Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements. New factors emerge from time to time, and it is impossible for us to predict which factors will arise. Further, we cannot assess the impact of each factor on our business or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors.
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SOURCECASI Pharmaceuticals, Inc.