This restructuring comes as part of Ensysce's efforts to maintain its listing on The Nasdaq Capital Market, which requires a minimum bid price of $1.00 per share. The reverse stock split is one of the strategies the company is employing to meet this requirement.Investors and shareholders are advised that the information provided here is based on a press release statement and should consider the inherent risks and uncertainties of clinical-stage pharmaceutical development. InvestingPro subscribers have access to 12 additional investment tips and comprehensive financial metrics for ENSC, including detailed profitability analysis and growth forecasts. The stock is currently trading near its InvestingPro Fair Value, suggesting balanced market pricing. InvestingPro subscribers have access to 12 additional investment tips and comprehensive financial metrics for ENSC, including detailed profitability analysis and growth forecasts. The stock is currently trading near its InvestingPro Fair Value, suggesting balanced market pricing.
The reverse stock split will consolidate every 15 shares of issued and outstanding common stock into one share. This action is expected to proportionally reduce the number of shares owned by each shareholder, while the percentage of shares they own in the company remains unchanged, except for adjustments due to fractional shares. Shareholders will not receive fractional shares; instead, fractions will be rounded up to the nearest whole number at the broker level.
Ensysce's transfer agent, Continental Stock Transfer & Trust Company, will provide stockholders with details regarding their ownership post-split. Those holding shares through banks, brokers, or nominees need not take any action, as their shares will be automatically adjusted.
This restructuring comes as part of Ensysce's efforts to maintain its listing on The Nasdaq Capital Market, which requires a minimum bid price of $1.00 per share. The reverse stock split is one of the strategies the company is employing to meet this requirement.Investors and shareholders are advised that the information provided here is based on a press release statement and should consider the inherent risks and uncertainties of clinical-stage pharmaceutical development. InvestingPro subscribers have access to 12 additional investment tips and comprehensive financial metrics for ENSC, including detailed profitability analysis and growth forecasts. The stock is currently trading near its InvestingPro Fair Value, suggesting balanced market pricing.
This restructuring comes as part of Ensysce's efforts to maintain its listing on The Nasdaq Capital Market, which requires a minimum bid price of $1.00 per share. The reverse stock split is one of the strategies the company is employing to meet this requirement.
Investors and shareholders are advised that the information provided here is based on a press release statement and should consider the inherent risks and uncertainties of clinical-stage pharmaceutical development.
In other recent news, Ensysce Biosciences has been granted an extension to continue listing on The Nasdaq Capital Market, meeting the equity requirement as per Listing Rule 5550(b)(1). The company has also amended its bylaws to reduce the quorum requirement for stockholder meetings. In terms of financing, Ensysce has secured substantial funding, including a $5 million financing transaction and a $14 million grant from the National Institutes of Health.
These funds are set to bolster the development of Ensysce's opioid products, PF614 and PF614-MPAR, which are currently in clinical stages. In addition, Ensysce has submitted a Phase 3 Protocol for PF614, a treatment for post-abdominoplasty pain, to the FDA. The company plans to submit a New Drug Application by 2026 and has initiated non-clinical studies for PF614-MPAR.
These recent developments highlight Ensysce's commitment to advancing its clinical trials and meeting regulatory standards. However, it's important to note that the company's product candidates are still in clinical stages and have not yet received regulatory approval.
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