Alzamend Neuro, Inc. (Nasdaq: ALZN), a clinical-stage biopharmaceutical company specializing in treatments for Alzheimer’s disease (AD), bipolar disorder (BD), major depressive disorder (MDD), and post-traumatic stress disorder (PTSD), has announced a one-for-ten reverse stock split of its common stock. The decision was approved by Alzamend’s board of directors and will take effect in the State of Delaware at 12:01 a.m. Eastern Time on July 16, 2024.
Beginning July 16, 2024, Alzamend’s common stock will trade on The Nasdaq Capital Market on a split-adjusted basis under the existing trading symbol “ALZN” with the new CUSIP number 02262M506. The reverse stock split is intended to help the company regain compliance with The Nasdaq Capital Market’s Minimum Bid Price Requirement of $1.00 per share, necessary to maintain its listing, among other strategic benefits.
The reverse stock split applies to all issued and outstanding shares of Alzamend’s common stock, as well as the shares available under its equity incentive plans. It also reduces the number of shares issuable upon exercise of outstanding stock options or warrants. The par value of the common stock remains unchanged at $0.0001 per share after the reverse stock split. The split affects all stockholders equally, with no impact on their percentage ownership, except for potential fractional shares, which will be cashed out instead of issued.
Computershare Trust Company, N.A. is serving as the exchange agent and transfer agent for the reverse stock split, and will provide instructions to stockholders regarding the process for receiving payment for fractional shares.
About Alzamend Neuro
Alzamend Neuro is advancing as a clinical-stage biopharmaceutical firm focused on developing innovative treatments for Alzheimer’s, BD, MDD, and PTSD. The company’s mission is to swiftly develop and bring to market safe and effective therapies. Its current pipeline features two promising therapeutic candidates: AL001 utilizes patented ionic cocrystal technology to administer lithium via a combination of lithium, salicylate, and L-proline, while ALZN002 employs a patented approach using mutant-peptide sensitized cells as a cell-based therapeutic vaccine to restore the immune system’s ability to combat Alzheimer’s. Both candidates are licensed under royalty-bearing exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.
