Finch Announces Reverse Stock Split of Common Stock
June 09 2023 - 7:00AM
Finch Therapeutics Group, Inc. (“Finch”, “Finch Therapeutics” or
the “Company”) (Nasdaq: FNCH), a microbiome technology company with
a portfolio of intellectual property and microbiome assets, today
announced it will effect a one-for-30 reverse stock split of its
issued and outstanding common stock. Finch stockholders approved an
amendment to its Amended and Restated Certificate of Incorporation
to effect the reverse stock split at Finch’s Annual Meeting of
Stockholders held on June 8, 2023. The reverse stock split is
intended to increase the per share trading price of Finch’s common
stock to enable Finch to satisfy the minimum price requirement for
continued listing on the Nasdaq Global Select Market. Finch expects
that, upon the opening of trading on June 12, 2023, its common
stock will trade on the Nasdaq Global Select Market on a
split-adjusted basis under the current trading symbol “FNCH” and
the CUSIP number 31773D200.
The reverse stock split affects all issued and outstanding
shares of Finch’s common stock uniformly and will not alter any
stockholder’s percentage interest in Finch’s equity, except to the
extent that the reverse stock split results in some stockholders
receiving cash in lieu of any fractional shares. No fractional
shares will be issued in connection with the reverse split.
Stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment in lieu of
such fractional shares equal to the fair market value of such
fractional shares, as determined in good faith by Finch’s Board of
Directors. The par value of Finch’s common stock will remain
unchanged at $0.001 per share after the reverse stock split. There
will be no change in the authorized number of shares of common
stock or preferred stock after the reverse stock split.
American Stock Transfer & Trust Company, LLC (“AST”) is
acting as the exchange agent and transfer agent for the reverse
stock split. Stockholders are not required to take any action to
receive post-split shares. Stockholders of record who hold their
shares in book-entry form will be provided with a statement by AST
reflecting the number of shares of Finch’s common stock registered
in their accounts following the reverse stock split. Stockholders
owning shares through a bank, broker or other nominee will have
their positions adjusted to reflect the reverse stock split and
will receive payment for any fractional shares in accordance with
their respective bank’s, broker’s or nominee’s particular
processes. Additional information regarding the reverse stock split
can be found in Finch’s definitive proxy statement filed with the
Securities and Exchange Commission on April 26, 2023.
About Finch Therapeutics
Finch Therapeutics is a microbiome technology company with a
portfolio of intellectual property and microbiome assets. Finch has
a robust intellectual property estate reflecting the Company’s
pioneering role in the microbiome therapeutics field, including
more than 70 issued U.S. and foreign patents with critical
relevance for both donor-derived and donor-independent microbiome
therapeutics in a range of potential indications. Finch’s assets
include CP101, an investigational, orally administered microbiome
candidate with positive clinical date from a Phase 2 randomized,
placebo-controlled trial and a Phase 2 open-label trial in
recurrent C. difficile infection (CDI). Additionally, Finch has
pre-clinical assets that are designed to target ulcerative colitis,
Crohn’s disease, and autism spectrum disorder, along with a
significant biorepository of samples and microbial strains. In
January 2023, Finch announced a decision to discontinue its Phase 3
trial of CP101 in recurrent CDI. Following this decision, Finch is
focused on realizing the value of its intellectual property estate
and other assets, while supporting the advancement of its
microbiome technology through partnerships and collaborations.
Forward-Looking Statements
This press release includes “forward-looking statements.” Words
such as “will,” "anticipates," "believes," "expects," "intends,"
“plans,” “potential,” "projects,” “would” and "future" or similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include, but are not limited to,
statements regarding the timing and impact of our reverse stock
split. Each forward-looking statement contained in this press
release is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statement. Applicable risks and uncertainties include,
among others, that if we cannot comply with Nasdaq’s continued
listing standards, our common stock could be delisted, and the
risks identified under the heading “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022 and in our
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2023, and filed with the Securities and Exchange Commission
(the “SEC”), as well as the other information we file with the SEC.
We caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. All forward-looking statements contained in this
press release speak only as of the date on which they were made.
Except to the extent required by law, Finch undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
Investor Contact:IR@finchtherapeutics.com
Media and Collaborator
Contactsinfo@finchtherapeutics.com
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