Greenwich LifeSciences Extends Lock-up of Directors and Officers to End of 2024

Rhea-AI Summary

Greenwich LifeSciences, Inc. (GLSI) extends lock-up period for shares owned by directors, officers, and pre-IPO investors until December 31, 2024, preventing selling of common stock.

STAFFORD, Texas, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a clinical-stage biopharmaceutical company focused on the development of GLSI-100, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery, today announced that its Board of Directors has extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to December 31, 2024 which is approximately 51 months from date of the Company’s IPO. During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company's common stock unless otherwise modified by the Board of Directors.

About Greenwich LifeSciences, Inc.

Greenwich LifeSciences is a clinical-stage biopharmaceutical company focused on the development of GP2, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. For more information on Greenwich LifeSciences, please visit the Company’s website at www.greenwichlifesciences.com and follow the Company's Twitter at https://twitter.com/GreenwichLS.

Forward-Looking Statement Disclaimer

Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Greenwich LifeSciences Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including statements regarding the intended use of net proceeds from the public offering; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section entitled “Risk Factors” in Greenwich LifeSciences’ Annual Report on Form 10-K for the year ended December 31, 2022 and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Greenwich LifeSciences, Inc. undertakes no duty to update such information except as required under applicable law.

Company Contact
Snehal Patel
Investor Relations
Office: (832) 819-3232
Email: info@greenwichlifesciences.com

Investor & Public Relations Contact for Greenwich LifeSciences
Dave Gentry
RedChip Companies Inc.
Office: 1-800-RED CHIP (733 2447)
Cell: (407) 491-4498
Email: dave@redchip.com

FAQ

What is the latest announcement from Greenwich LifeSciences, Inc. (GLSI)?

Greenwich LifeSciences, Inc. (GLSI) has extended the lock-up period for shares owned by its directors, officers, and pre-IPO investors until December 31, 2024, preventing the selling of the company's common stock.

What is the purpose of extending the lock-up period for shares by GLSI?

The purpose of extending the lock-up period is to restrict the selling of common stock by the company's current officers, directors, and certain shareholders until December 31, 2024.

What is GLSI-100?

GLSI-100 is an immunotherapy developed by Greenwich LifeSciences, Inc. (GLSI) to prevent breast cancer recurrences in patients who have previously undergone surgery.

How long is the lock-up period extended for GLSI shares?

The lock-up period for GLSI shares is extended to December 31, 2024, which is approximately 51 months from the date of the company's IPO.