ROCKVILLE, Md. and BEIJING, May perhaps 26, 2022 /PRNewswire/ — CASI Prescribed drugs, Inc. (NASDAQ: CASI), a U.S. biopharmaceutical business centered on creating and commercializing modern therapeutics and pharmaceutical merchandise, today introduced it has filed a Certification of Modification to its Amended and Restated Certificate of Incorporation to put into practice a 1-for-10 reverse inventory split that will become helpful at 5:00 p.m., Jap Time, on June 1, 2022. The most important aim of utilizing a reverse split is to satisfy the least bid value requirement for ongoing listing on The NASDAQ Funds Sector (Rule 5550(a)(1)).
At CASI’s Annual Assembly of Stockholders held on May well 25, 2022, stockholders voted to approve a proposal authorizing the Board of Directors, at its discretion, to put into practice a reverse break up at a ratio among 1-for-2 and 1-for-20 of the Company’s frequent stock without having additional motion from stockholders, and, as licensed, the Board of Directors has elected to employ a reverse split at the ratio of 1-for-10.
Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, “We value the continued aid of our stockholders in granting our Board of Administrators the authority to put into action a reverse break up. Just after in-depth consideration of our possibilities, the Board determined that a reverse break up of the Company’s inventory is in the most effective interest of stockholders.”
Dr. He continued, “By implementing a reverse inventory break up, the Company is improved positioned to get back compliance with the NASDAQ listing policies. Keeping our listing on NASDAQ will offer the Corporation with bigger flexibility with regard to access to the funds markets. In 2022 CASI will go on to advance the development and commercialization of our portfolio with a concentrate on producing shareholders’ worth.”
Facts of the Reverse Split
At the helpful time of the reverse inventory split at 5:00 p.m., Eastern Time, on June 1, 2022, every single 10 shares of CASI’s pre-split popular inventory, par value, $.01 for each share, will immediately be reclassified as and transformed into 1 shares of publish-split widespread stock, par worth, $.01 for each share. As a outcome of the reverse split, the number of shares of remarkable prevalent inventory will be close to 13,606,249 million, excluding stock selections and unexercised warrants and subject to adjustment for fractional shares. The reverse stock break up will not have an effect on any stockholder’s ownership proportion of CASI’s shares, other than to the constrained extent that the reverse stock split would consequence in any stockholder proudly owning a fractional share. In addition, CASI’s widespread inventory will continue to trade on the NASDAQ Capital Industry below the image “CASI” and under a new CUSIP variety, 14757U 208. The Company’s frequent inventory will continue buying and selling on the NASDAQ Funds Industry and will start out investing on a post-break up foundation at the opening of buying and selling on June 2, 2022.
Added info, can be accessed immediately at www.casipharmaceuticals.com and in the Firm’s definitive proxy statement submitted with the SEC on April 15, 2022.
About CASI Prescribed drugs
CASI Prescribed drugs, Inc. is a U.S. biopharmaceutical company centered on establishing and commercializing impressive therapeutics and pharmaceutical goods in China, the United States, and through the earth. The Enterprise is targeted on buying, producing, and commercializing products and solutions that increase its hematology oncology therapeutic focus as properly as other areas of unmet health care want. The Enterprise intends to execute its strategy to grow to be a leader by launching medicines in the Higher China industry, leveraging the Company’s China-based regulatory and professional competencies and its international drug progress know-how. The Company’s operations in China are done by way of its wholly-owned subsidiary, CASI Prescribed drugs (China) Co., Ltd., located in Beijing, China. The Corporation has developed a industrial team of much more than 100 hematology and oncology product sales and promoting experts dependent in China. Far more information and facts on CASI is available at www.casipharmaceuticals.com.
This information release incorporates forward-seeking statements within just the this means of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or small business effectiveness, income progress, methods, anticipations and objectives. Forward-looking statements are subject to various assumptions, pitfalls and uncertainties, which alter over time. Forward-searching statements converse only as of the date they are designed, and we assume no duty to update forward-looking statements. New elements emerge from time to time, and it is not doable for us to forecast which components will crop up. In addition, we simply cannot assess the affect of each aspect on our company or the extent to which any factor, or mixture of factors, may possibly bring about actual effects to vary materially from people contained in any forward-searching statements. Precise effects could differ materially from those at the moment predicted thanks to a number of variables.
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