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Silexion Therapeutics announces reverse share split, warrant adjustments

EditorAhmed Abdulazez Abdulkadir
Published 29/11/2024, 17:30
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Silexion Therapeutics Corp (NASDAQ:SLXN), a biotechnology firm specializing in biological products, has announced significant changes to its capital structure, including a reverse share split and consequential adjustments to its outstanding warrants. This action became effective after the market closed on Wednesday, resulting in a trading adjustment as of today. The company, currently valued at $4.11 million, has seen its stock price decline by over 97% in the past six months, trading at $0.28. According to InvestingPro data, the stock has shown high price volatility throughout the year.

The company's board of directors implemented a 1-for-9 reverse share split of its ordinary shares, which was approved by shareholders on November 19, 2024. The reverse split reduced the number of issued and outstanding shares and increased the par value of each share from $0.0001 to $0.0009.

Silexion's authorized share capital remains at $20,000, now represented by 22,222,222 ordinary shares post-split. InvestingPro analysis reveals several additional insights about the company's financial health and performance metrics. Subscribers can access over 5 exclusive ProTips and detailed financial analysis.

Concurrently, Silexion issued a Warrant Adjustment Notice to holders of its warrants, detailing the adjustments effective after the close of trading on Wednesday. The number of ordinary shares issuable upon warrant exercise has been proportionally decreased, and the exercise price has been increased to $103.50 per share, reflecting the reverse split ratio. The company will round up fractional shares resulting from the warrant exercises to the nearest whole share, though full exercise price payment for the rounded number of shares is required.

The CUSIP number for the ordinary shares has changed to G1281K 122, while the warrants will retain their current CUSIP number G1281K 114 and continue to trade under the ticker "SLXNW" on NASDAQ. The ordinary shares will also maintain their current trading symbol "SLXN" post-split.

This strategic move by Silexion Therapeutics Corp, formerly known as Biomotion Sciences, is part of its ongoing efforts to align its capital structure with its operational and financial strategies.

With an overall financial health score rated as 'WEAK' by InvestingPro, and analysts maintaining a consensus hold recommendation, investors should carefully consider the company's future prospects.

In other recent news, Silexion Therapeutics Corp. shareholders have approved a reverse stock split, as announced during a recent general meeting. The proposal for a reverse share split of the company's ordinary shares at a ratio of 1-for-9 received significant support. This corporate action will consolidate the company's issued and outstanding ordinary shares, as well as authorized but unissued shares.

In the clinical development arena, Silexion Therapeutics has made considerable strides in its preclinical studies for SIL-204, a siRNA candidate aimed at treating KRAS-driven cancers. The company plans to initiate toxicology studies for SIL-204 soon and is preparing to move into Phase 2/3 clinical trials in the first half of 2026. The company also reported enhanced results from its Phase 2 trial of LODER™ in treating locally advanced pancreatic cancer.

In the wake of these developments, Silexion Therapeutics announced the immediate resignation of board member Ilan Shiloah due to competing time demands. His departure leaves vacancies on the audit, compensation, and corporate governance and nominating committees.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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