No actions are needed from Plus Therapeutics' current shareholders relative to the ticker symbol or CUSIP changes.
Additionally, the Company intends to effect a 1-for-50 reverse stock split to become effective on August 5, 2019, and the Company's common stock is expected to commence trading on a post-split basis beginning on August 6, 2019. The Company received the requisite stockholder approval for the reverse stock split on July 11, 2019. The new CUSIP number for the Company's common stock after the reverse stock split will be 72941H400.
The reverse stock split will automatically combine every 50 shares of the Company's common stock into one issued and outstanding share without any change in the par value of the shares. Following the reverse stock split, the number of outstanding shares of the Company's common stock is anticipated to be proportionally reduced from approximately 22.2 million to approximately 0.4 million.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of the Company's common stock that would have otherwise resulted from the reverse stock split will be rounded up to the nearest whole share. Outstanding equity awards and the shares available for future grant under the Company's Amended and Restated 2004 Equity Incentive Plan, 2011 Employee Stock Purchase Plan, 2014 Amended and Restated Equity Incentive Plan and 2015 New Employee Incentive Plan will be proportionately reduced (rounded down to the nearest whole share), and the exercise prices of outstanding equity awards will be proportionately increased (rounded up to the nearest whole cent) to give effect to the reverse stock split. The Company's common stock will continue to trade on a post-split basis under the trading symbol "PSTV".
As previously announced, the Company is required to evidence compliance with Nasdaq's minimum bid or closing price requirement by August 26, 2019. Although the Company expects that the reverse stock split will enable the Company to comply with the Nasdaq listing and minimum bid price requirement, there can be no assurance that the Company will be able to regain such compliance. Delisting from the Nasdaq Capital Market could have a material adverse effect on the Company's business and on the trading of its common stock.
About Plus Therapeutics, Inc.
Plus Therapeutics is a clinical-stage pharmaceutical company focused on making a positive impact on patients' lives and adding value to the healthcare system. We are a Nasdaq-listed company with our company headquarters located in Austin, TX. We also have a manufacturing facility in San Antonio, TX and a satellite office in San Diego, CA.
The lead product candidate in our pipeline, DocePLUS, is being developed in the U.S. by a dedicated and energetic team of biologists, chemists, engineers, and other professionals. This diverse and experienced team is using our proprietary and versatile nanotechnology platform in an effort to reformulate and improve conventional, workhorse chemotherapeutics to provide meaningful benefits to patients and healthcare providers. The platform also serves as the foundation and affords us the opportunity in the future to develop additional drugs for oncology and other therapeutic areas.
Plus Therapeutics, Inc.
Russ Havranek
VP - Marketing, Portfolio Management, Investor Relations
Phone: +1.619.333.4150
Email: ir@plustherapeutics.com
Website: plustherapeutics.com
Source: Plus Therapeutics, Inc.
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