HOUSTON - Bio-Path Holdings, Inc. (NASDAQ:BPTH), a biotechnology company, announced a reverse stock split of its common stock at a ratio of 1-for-20, effective at the close of business on February 22, 2024. The company's common stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis starting February 23, 2024, under the existing ticker symbol BPTH.
The reverse stock split is expected to reduce the number of Bio-Path's outstanding shares from approximately 12.35 million to around 617,833 shares. The par value and the rights or preferences associated with the common stock will remain unchanged. This corporate action will also adjust all outstanding securities that entitle holders to purchase or acquire Bio-Path common stock, including stock options and warrants, in accordance with the terms of those securities.
No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise hold a fractional share will receive one whole share instead. Bio-Path's transfer agent, Equiniti Trust Company, LLC, will maintain the book-entry records for the common stock post-split. Registered stockholders with shares in electronic book-entry form do not need to take action to receive post-split shares. Those holding shares through a broker, bank, trust, or other nominee will see their positions automatically adjusted, although they are encouraged to contact their nominee with any questions.
The reverse stock split is a part of Bio-Path's efforts to comply with Nasdaq's continued listing standards. The company is focused on developing its proprietary DNAbilize® antisense RNAi nanoparticle technology to create a portfolio of targeted nucleic acid cancer drugs. Bio-Path's pipeline includes drug candidates targeting proteins involved in cancer cell survival and proliferation, with ongoing clinical trials for its drug candidates in various stages.
This announcement is based on a press release statement from Bio-Path Holdings, Inc. The company cautions that forward-looking statements contained in the press release are subject to uncertainties and changes in circumstances, and there are risks involved in the clinical development of its technologies. Bio-Path's ability to maintain its Nasdaq listing and raise additional capital are among the uncertainties that may affect its operations and future developments.
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