Aligos Therapeutics Announces Reverse Stock Split
August 15 2024 - 9:00AM
Aligos Therapeutics, Inc. (Nasdaq: ALGS, “Aligos”, “Company”), a
clinical stage biopharmaceutical company focused on developing
novel therapeutics to address unmet medical needs in liver and
viral diseases, today announced that it will effect a 1-for-25
reverse stock split of its shares of common stock. The reverse
stock split will become effective at 12:01 am ET on Monday, August
19, 2024. The Company’s common stock is expected begin trading on
the Nasdaq Capital Market under the same symbol (ALGS) on a
split-adjusted basis at the market open on August 19, 2024 with the
new CUSIP number 01626L 204.
At the effective time, all outstanding stock options, warrants,
and equity incentive plans will be proportionally affected. Every
25 shares of issued and outstanding shares of the company’s common
stock will automatically be reclassified into one issued and
outstanding share of common stock without any change in the par
value of $0.0001 per share. No fractional shares will be issued in
connection the reverse stock split and stockholders will be
entitled to a cash payment in lieu of fractional shares. The
reverse stock split will affect all stockholders uniformly and will
not affect any stockholder's ownership percentage of Aligos’s
shares, except for those stockholders receiving a cash payment in
lieu of fractional shares.
The Company is primarily implementing the reverse stock split to
enable it to regain compliance with the Nasdaq $1.00 minimum bid
price requirement. The reverse stock split was approved by the
Company’s stockholders at the Annual Meeting of Stockholders on
June 27, 2024. Subsequently, the Board of Directors approved the
reverse stock split at a ratio of 1-for-25.
Continental Stock Transfer & Trust Company is acting as the
exchange and transfer agent for the reverse stock split.
Continental will provide instructions to stockholders with
registered shares and those receiving a cash payment for fractional
shares, if any. Those stockholders with shares in “street name”
will have their positions automatically adjusted, subject to each
broker’s processes. If any action is required, each stockholder
will receive instructions directly from their broker.
Additional information about the reverse stock split can be
found in the definitive proxy statement filed with the Securities
and Exchange Commission (SEC) on April 29, 2024, which is available
on the SEC’s website, www.sec.gov, and the company’s website at
www.aligos.com.
About Aligos
Aligos Therapeutics, Inc. is a clinical stage biopharmaceutical
company that was founded in 2018 with the mission to become a world
leader in the treatment of liver and viral diseases. Aligos’
strategy is to harness the deep expertise and decades of drug
development experience its team has in liver and viral diseases to
discover and develop potentially best-in-class therapeutics for
metabolic dysfunction-associated steatohepatitis (MASH) and viruses
with high unmet medical need such as hepatitis B and
coronaviruses.
For more information, please visit www.aligos.com or follow us
on LinkedIn or X.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements in this press release that are not historical
facts may be considered “forward-looking statements,” including
without limitation, statements regarding the reverse stock split
and expectations with respect to compliance with the minimum
required closing bid price for continued listing on the Nasdaq
Capital Market. Such forward-looking statements are subject to
substantial risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward-looking
statements. Such risks and uncertainties include, without
limitation, risks and uncertainties inherent in the drug
development process, including Aligos’ clinical stage of
development, the process of designing and conducting clinical
trials, the regulatory approval processes, and market conditions
and their impact on the trading price of Aligos’s common stock on
the Nasdaq Capital Market. For a further description of the risks
and uncertainties that could cause actual results to differ from
those anticipated in these forward-looking statements, as well as
risks relating to the business of Aligos in general, see Aligos’
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 6, 2024 and its future periodic
reports to be filed or submitted with the Securities and Exchange
Commission. Except as required by law, Aligos undertakes no
obligation to update any forward-looking statements to reflect new
information, events or circumstances, or to reflect the occurrence
of unanticipated events.
Aligos Therapeutics
Contact Jordyn TaraziVice President, Investor
Relations & Corporate Communications+1 (650)
910-0427jtarazi@aligos.com
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