NEW YORK, May 19, 2021 /PRNewswire/ — Synaptogenix, Inc. (OTC: SNPX), an emerging biopharmaceutical company focused on developing therapies for neurodegenerative diseases, announced that the Company’s Board of Directors has approved a one-for-four reverse stock split of its common stock effective prior to the opening of the market today, Wednesday, May 19, 2021.
The Board of Directors of Synaptogenix determined this reverse stock split to be necessary in order for the Company to fulfill the stock price requirements for official listing on the Nasdaq Stock Market. The stock will begin trading on a post-split basis under the symbol “SNPXD” until the stock is uplisted to the Nasdaq Stock Market at which time the stock will return to trading under the symbol “SNPX.”
“Our plan to uplist on the Nasdaq Stock Market is an important step forward for Synaptogenix. Nasdaq is the premier exchange in the United States, one that can raise our profile to the broader investment community. In addition, we believe the uplist will both increase liquidity in our shares, and ultimately create shareholder value in line with our peer group that is trading on Nasdaq,” stated Alan Tuchman M.D., Chief Executive Officer.
As a result of the reverse stock split, every four shares of issued and outstanding common stock will be exchanged for one share of common stock. Each stockholder’s percentage ownership interest in Synaptogenix and proportional voting power will remain unchanged, and the rights and privileges as the holders of the common stock will be unaffected.
The reverse stock split will reduce the number of shares of issued and outstanding common stock from 14,032,516 pre-split to approximately 3,508,129 post-split. Proportional adjustments will be made to any outstanding warrants or options. There can be no assurance that the Company will satisfy other applicable requirements for listing its common stock on the Nasdaq Stock Market or that the Company’s application to uplist its common stock will be approved, in which case the Company’s common stock will trade under the symbol “SNPXD” for up to 20 business days.
About Synaptogenix, Inc.
Synaptogenix is a clinical-stage biopharmaceutical company that has historically worked to develop novel therapies for neurodegenerative diseases. Synaptogenix has conducted clinical and preclinical studies of its lead therapeutic candidate, Bryostatin-1, in Alzheimer’s disease. Preclinical studies have also demonstrated Bryostatin’s regenerative mechanisms of action for the rare disease, Fragile X syndrome, and for other neurodegenerative disorders such as multiple sclerosis, stroke, and traumatic brain injury. The U.S. Food and Drug Administration has granted Orphan Drug Designation to Synaptogenix for Bryostatin-1 as a treatment for Fragile X syndrome. Bryostatin-1 has already undergone testing in more than 1,500 people in cancer studies, thus creating a large safety data base that will further inform clinical trial designs.
Additional information about Synaptogenix, Inc. may be found on its website: www.synaptogen.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. These forward-looking statements include statements regarding the listing of our shares of common stock on the Nasdaq Stock Market, Phase 2 clinical trial of Bryostatin-1 and further studies, and continued development of use of Bryostatin-1 for AD and other cognitive diseases. Such forward-looking statements are subject to risks and uncertainties and other influences, many of which the Company has no control over. There can be no assurance that the Company will meet the requirements to list its shares of common stock on the Nasdaq Stock Market, that the clinical program for Bryostatin-1 will be successful in demonstrating safety and/or efficacy, that we will not encounter problems or delays in clinical development, or that Bryostatin-1 will ever receive regulatory approval or be successfully commercialized. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Additional factors that may influence or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain adequate financing, the significant length of time associated with drug development and related insufficient cash flows and resulting illiquidity, the Company’s patent portfolio, the Company’s inability to expand its business, significant government regulation of pharmaceuticals and the healthcare industry, lack of product diversification, availability of the Company’s raw materials, existing or increased competition, stock volatility and illiquidity, and the Company’s failure to implement its business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to update these forward-looking statements.
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SOURCE Synaptogenix, Inc.