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Promis Announces Reverse Share Split to Meet Nasdaq Listing Criteria

Richard Powell  3 min read

ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of potential therapeutics targeting misfolded proteins such as toxic oligomers implicated in the development of neurodegenerative diseases, announced today that, to meet the criteria to list its common shares on the Nasdaq Capital Market (“NASDAQ”), the Board of Directors has approved a 1-for-60 reverse share split (the “Reverse Split”), of the Company's issued and outstanding common shares.

  The Reverse Split will be effective prior to market opening on June 28, 2022. The Company’s TSX trading symbol “PMN” will remain unchanged but the CUSIP number for the common shares will change to 74346M406.  The Company's trading symbol on the OTCQB will remain unchanged, although a "D" will be placed at the end of the “ARFXF” trading symbol (i.e., “ARFXFD”) for 20 business days following the Reverse Split.   As of June 24, 2022, the Company had 431,731,592 common shares issued and outstanding, and after the Reverse Split, the Company will have approximately 7,195,526 common shares issued and outstanding. Each shareholder's percentage ownership interest in the Company and proportional voting power will remain virtually unchanged, except for minor adjustments that may result from rounding fractional shares into whole shares. Outstanding share options and share purchase warrants will also be adjusted by the Reverse Split ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.  

NASDAQ Listing Application

 

The Reverse Split is intended to increase the quoted market per share price of the Company's common shares, to meet NASDAQ's requirement that the common shares trade at US$4.00 or higher as of the listing date.  Prior to listing on NASDAQ, the Company's listing application must be approved. There can be no assurance that NASDAQ will approve ProMIS’ listing application in a timely manner, if at all.

  Certificated and Non-Certificated Shares   Shareholders who are hold their commons share electronically either in direct registered book-entry form (“DRS”) with Computershare Investor Services, Inc., the Company’s transfer agent (the “Transfer Agent”), or in “street name” through a bank, broker or other nominee, will not need to take any action as the Reverse Split will automatically be reflected in the Transfer Agent’s records and on such shareholders’ next account statement.   Shareholders holding paper certificates may (but are not required to) exchange their share certificates for post-split common shares. For a Letter of Transmittal or instructions on how a shareholder should surrender his, her or its certificates representing pre-split common shares to the Transfer Agent in exchange for post-split common shares in DRS book-entry form, please contact Computershare toll free at 1-800-564-6253 or outside the U.S. and Canada at 1-514-982-7555. 

 

ProMIS Neurosciences Inc. is a development stage biotechnology corporation focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer's disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). The Corporation's proprietary target discovery engine is based on the use of two complementary techniques. The Corporation applies its thermodynamic, computational discovery platform – ProMIS™ and Collective Coordinates - to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique approach, ProMIS is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS is headquartered in Toronto, Ontario, Canada with offices in Cambridge, Massachusetts, U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under symbol PMN and quoted on the OTCQB Venture Market under symbol ARFXF.

 

www.promisneurosciences.com

 

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