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Apricus Biosciences Announces 1-for-10 Reverse Stock Split

nnounces 1-for-10 Reverse Stock Split

SAN DIEGO, 2016-10-20 22:30 CEST (GLOBE NEWSWIRE) --
Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company advancing
innovative medicines in urology and rheumatology, today announced a reverse
stock split of its shares of common stock at a ratio of 1-for-10. The reverse
stock split will be effective at 5:00 p.m. Pacific Time on October 21, 2016. As
of the open of the market on October 24, 2016, the Company’s common stock will
begin trading on a split-adjusted basis.

As a result of the reverse stock split, the Company's issued and outstanding
shares of common stock will decrease to approximately 7.7 million post-split
shares (prior to effecting the rounding of fractional shares into whole shares
as described below) from approximately 77.3 million pre-split shares. As a
result of the reverse stock split, the total number of shares of common stock
held by each stockholder will be converted automatically into the number of
whole shares of common stock equal to (i) the number of shares of common stock
held by such stockholder immediately prior to the reverse stock split, divided
by (ii) ten.

No fractional shares will be issued, and no cash or other consideration will be
paid. Instead, the Company will issue one whole share of the post-split common
stock to any stockholder of record who otherwise would have received a
fractional share as a result of the reverse stock split.

Stockholders who are holding their shares in electronic form at their brokerage
firms do not have to take any action to effect the exchange of their shares.
Such stockholders will receive instructions from their brokers. Stockholders
holding paper certificates will receive written instructions by mail from the
Company's transfer agent.

All options, warrants and convertible securities of the Company outstanding
immediately prior to the reverse stock split will be appropriately adjusted.

In connection with the reverse stock split, the Company's CUSIP number will
change to 03832V307 as of October 24, 2016.

The reverse stock split was previously approved by the Board of Directors of
the Company in accordance with Nevada law, under which no stockholder approval
is required. The Company is effecting the reverse split in an effort to regain
compliance with NASDAQ Listing Rule 5555(a)(2), which requires the Company to
maintain a minimum closing bid price of $1.00 per share (the “Minimum Bid Price
Requirement”). To regain compliance with the Minimum Bid Price Requirement,
the bid price of the Company’s Common Stock has to close at or above $1.00 per
share for a minimum of ten consecutive business days prior to the Company’s
compliance deadline of November 7, 2016.

About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing
innovative medicines in urology and rheumatology. Apricus’ commercial product,
Vitaros®, for the treatment of erectile dysfunction, is approved in Canada and
certain countries in Europe, Latin America and the Middle East and is being
commercialized in several countries in Europe. In September 2015, Apricus
in-licensed the U.S. development and commercialization rights for Vitaros from
Allergan. Apricus’ marketing partners for Vitaros include Laboratoires
Majorelle, Bracco S.p.A., Recordati Ireland Ltd. (Recordati), Ferring
International Center S.A. (Ferring Pharmaceuticals), Mylan NV and Elis
Pharmaceuticals Ltd. Apricus currently has one active product candidate,
RayVa™, its product candidate for the treatment of the circulatory disorder
Raynaud’s phenomenon.

For further information on Apricus, visit

*Vitaros® is a registered trademark of NexMed International Limited. Such
trademark is registered in certain countries throughout the world and pending
registration in the United States.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, as amended. Statements in this
press release that are not purely historical are forward-looking statements.
Such forward-looking statements include, among other things: references to the
potential for the Company to regain NASDAQ compliance. Actual results could
differ from those projected in any forward-looking statements due to a variety
of reasons that are outside of Apricus’ control, including, but not limited to:
the Company’s ability to regain NASDAQ compliance generally; and market
conditions. These forward-looking statements are made as of the date of this
press release, and Apricus assumes 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. Readers are urged to read the
risk factors set forth in Apricus’ most recent annual report on Form 10-K,
subsequent quarterly reports filed on Form 10-Q, and other filings made with
the SEC. Copies of these reports are available from the SEC’s website at or without charge from Apricus.

Matthew Beck
The Trout Group LLC
(646) 378-2933

Författare SSE

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