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Gaithersburg-based biotech company BiomX (NYSE:PHGE) Inc. (NYSE American: PHGE) has announced a reverse stock split of its common stock and units, with the action set to take effect on August 26, 2024. This move follows a decision made by the company's Board of Directors on August 8, 2024, after receiving approval from the majority of common stockholders on July 9, 2024.
The reverse stock split will consolidate every ten shares of existing common stock into one share of new common stock. The new common stock will be assigned a new CUSIP number, 09090D 301. This change does not alter the company's authorized capital stock numbers, which remain as defined in the company's Certificate of Incorporation.
In the reverse stock split, no fractional shares will be issued. Stockholders who would have received a fractional share will instead receive one whole share to round up their holdings. This adjustment also applies to the company's outstanding warrants and equity awards, which will be modified according to their terms.
The units, comprising one share of common stock and one warrant, will also undergo a one-for-ten reverse split and will continue trading on the NYSE American under the symbol "PHGE U." The units' new CUSIP number post-split will be 09090D 400.
Holders of units will similarly receive additional fractions to round up to a whole unit if necessary. Each unit will continue to represent one share and one warrant exercisable for half a share.
BiomX's transfer agent, Continental Stock Transfer & Trust Company, will provide stockholders with details on exchanging stock certificates for new common stock. Those holding shares in book-entry form or through a brokerage account will not need to take any action to exchange their shares following the reverse stock split.
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