Nutriband Inc. Provides Update on Seven-for-Six Forward Stock Split
Nutriband Inc. (NASDAQ:NTRB, NTRBW) announced the effective date of a 7:6 forward stock split that took place on August 12, 2022, with a record date of August 15, 2022. Each holder of 6 shares of common stock received 7 shares, with no change to the per-share par value. The stock split will not affect stockholders' equity percentages. Additionally, the exercise price of outstanding warrants will be adjusted to $6.43 per share, corresponding to the stock split ratio. Book-entry holders do not need to take action, while those seeking stock certificates will receive further instructions.
- The stock split increases the number of shares for current shareholders without altering their equity percentage.
- Adjustments made to the exercise price of warrants may make them more attractive to investors.
- None.
ORLANDO, FL / ACCESSWIRE / August 16, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) ("Nutriband" or the "Company") announced today that the 7:6 forward split of its common stock was effective at the opening of trading on Friday, August 12, 2022, with a record date of Monday, August 15, 2022. At the effective time of the stock split, every six (6) shares of NTRB common stock were converted into seven (7) shares of common stock, without any change in the par value per share. Fractional shares of post-split common stock will not be issued, but will be rounded up to the nearest full share. Other than as a result of the rounding of fractional shares, the stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity.
As a result of the stock split, the per share exercise price of common stock purchase warrants issued in the public offering of our common stock on October 1, 2021, of which 822,004 warrants are outstanding as of today, will be decreased to
Holders of shares of common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the forward split and will see the impact of the forward split automatically reflected in their accounts. Beneficial holders may contact their bank, broker, or nominee for more information.
Shares of common stock issued in the stock split will be credited in book entry form. If you would rather receive a stock certificate, please follow instructions you will receive from our transfer agent, American Stock Transfer & Trust Company, LLC (AST). This document will provide information on the additional shares you will receive.
About Nutriband Inc.
We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse and accidental exposure of drugs with abuse potential, specifically opioids.
The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.
Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended January 31, 2022 and Forms 10-Q, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.
SOURCE: Nutriband Inc.
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