Liminal BioSciences Announces Reverse Stock Split

Rhea-AI Summary

Liminal BioSciences Inc. (Nasdaq: LMNL) announced a reverse stock split effective February 1, 2023, consolidating ten common shares into one. This decision was approved by shareholders on January 20, 2023. The company's trading symbol will remain unchanged. Liminal BioSciences focuses on developing small molecule therapeutics for diseases related to inflammation, fibrosis, and metabolism.

Currently, it is advancing GPR84 and OXER1 antagonists while exploring additional development opportunities. The company operates in Canada and the United Kingdom.

Positive

• Shareholder approval for the reverse stock split may enhance stock price stability.
• Ongoing development of GPR84 and OXER1 antagonists may provide future revenue opportunities.

Negative

• The reverse stock split might reflect underlying challenges in stock performance.
• -

LAVAL, QC and CAMBRIDGE, England, Jan. 26, 2023 /PRNewswire/ - Liminal BioSciences Inc. (Nasdaq: LMNL) ("Liminal BioSciences" or the "Company"), announced that a consolidation of all of the issued and outstanding common shares of the Company ("Common Shares") on the basis of a consolidation ratio of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Share Consolidation"), will become effective at the opening of trading on February 1, 2023 (the "Effective Date"). The Company's current trading symbol will remain unchanged. The Consolidation was previously approved by the Company's shareholders at the special meeting of the shareholders held on January 20, 2023.

About Liminal BioSciences Inc.

Liminal BioSciences is a development-stage biopharmaceutical company focused on discovering and developing distinctive novel small molecule therapeutics for inflammatory, fibrotic, and metabolic diseases using our drug discovery platform with a data-driven approach. The Company is currently developing GPR84 antagonists and OXER1 antagonists. In addition to these programs, the Company continues to explore other development opportunities to add to its pipeline.

Liminal BioSciences has active business operations in Canada and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward–looking statements include, among other things, the effective date of the Share Consolidation. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business or the Share Consolidation, or if our estimates or assumptions turn out to be inaccurate. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to materially differ from our current expectations in the filings and reports the Company makes with the U.S. Securities and Exchange Commission and Canadian Securities Administrators, including in the Annual Report on Form 20-F for the year ended December 31, 2021, as well as other filings and reports Liminal Biosciences' may make from time to time. As a result of such risks, we cannot guarantee that any given forward-looking statement will materialize. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. We assume no obligation to update any forward-looking statement contained in this press release even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.

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SOURCE Liminal BioSciences Inc.

FAQ

What is the effective date of Liminal BioSciences' reverse stock split?

The reverse stock split for Liminal BioSciences will be effective on February 1, 2023.

What is the ratio for Liminal BioSciences' reverse stock split?

Liminal BioSciences is consolidating ten common shares into one post-consolidation share.

Why did Liminal BioSciences implement a reverse stock split?

The reverse stock split aims to enhance stock price stability and possibly improve investor perception.

When was the reverse stock split approved by shareholders?

The reverse stock split was approved by Liminal BioSciences' shareholders on January 20, 2023.

Will the trading symbol for Liminal BioSciences change after the reverse stock split?

No, the trading symbol for Liminal BioSciences will remain unchanged after the reverse stock split.