The reverse stock split was implemented by the Company in connection with its application to uplist the Company’s common stock to a national exchange. The reverse stock split is intended to fulfill the stock price requirements for initial listing on a national exchange.
As a result of the reverse stock split, every two hundred pre-split shares of common stock outstanding and authorized will automatically combine into one new share of common stock without any action on the part of the shareholders. Following the consummation of the reverse stock split, the number of issued and outstanding shares of common stock will be reduced from 249,936,370 to approximately 1,249,682 and the number of authorized shares of common stock will be 12,000,000.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu of fractional shares. The reverse stock split will also apply to common stock issuable upon the conversion of Arch’s outstanding convertible notes and the exercise of Arch’s outstanding warrants, restricted stock units, and stock options, with adjustments to the conversion prices and exercise prices thereof as required by the terms of those securities.
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NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the implementation of the reverse stock split and the potential uplisting of our shares of common stock to a national exchanges. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the
1 AC5-G, AC5-V, and AC5 Surgical Hemostat are currently investigational devices limited by law to investigational use.
2 AC5, AC5-G, AC5-V and associated logos are trademarks and/or registered trademarks of
CONTACTS
ARTH Investor Relations
Toll Free: +1.855.340.ARTH (2784) (US and
Email: investors@archtherapeutics.com
Website: www.archtherapeutics.com
Chief Financial Officer
Phone: 617.431.2333
Email: mabrams@archtherapeutics.com
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