Psyence Biomedical Announces Effective Date for 1-for-75 Share Consolidation
Psyence Biomedical (Nasdaq: PBM) has announced the implementation of a 1-for-75 share consolidation, effective November 26, 2024. This consolidation, approved by shareholders on November 12, 2024, aims to regain compliance with Nasdaq's minimum bid price requirement. Every 75 existing common shares will be combined into one share, with fractional shares rounded up or down accordingly. The company will continue trading under the symbol 'PBM' with a new CUSIP number 74449F209. The consolidation will uniformly affect all shareholders and adjust the company's outstanding warrants and equity awards proportionally.
Psyence Biomedical (Nasdaq: PBM) ha annunciato l'attuazione di una consolidazione azionaria 1-per-75, che entrerà in vigore il 26 novembre 2024. Questa consolidazione, approvata dagli azionisti il 12 novembre 2024, mira a ripristinare la conformità al requisito del prezzo minimo di offerta di Nasdaq. Ogni 75 azioni ordinarie esistenti sarà combinata in un'unica azione, con le azioni frazionarie arrotondate verso l'alto o verso il basso. L'azienda continuerà a essere quotata con il simbolo 'PBM' e un nuovo numero CUSIP 74449F209. La consolidazione influenzerà in modo uniforme tutti gli azionisti e regolerà le garanzie e i premi azionari in modo proporzionale.
Psyence Biomedical (Nasdaq: PBM) ha anunciado la implementación de una consolidación de acciones 1-por-75, que será efectiva el 26 de noviembre de 2024. Esta consolidación, aprobada por los accionistas el 12 de noviembre de 2024, tiene como objetivo recuperar el cumplimiento del requisito del precio mínimo de oferta de Nasdaq. Cada 75 acciones ordinarias existentes se combinarán en una sola acción, con las acciones fraccionarias redondeadas hacia arriba o hacia abajo según corresponda. La empresa continuará cotizando bajo el símbolo 'PBM' con un nuevo número CUSIP 74449F209. La consolidación afectará uniformemente a todos los accionistas y ajustará proporcionalmente las garantías y los premios en acciones de la empresa.
Psyence Biomedical (Nasdaq: PBM)은 75주를 1주로 통합하는 주식 통합의 시행을 발표했습니다. 이는 2024년 11월 26일부터 시행됩니다. 2024년 11월 12일 주주가 승인한 이 통합은 Nasdaq의 최소 공모가 요건을 충족하기 위한 것입니다. 기존의 75주가 하나로 통합되며, 분할 주식은 적절히 반올림 또는 내림됩니다. 회사는 'PBM' 기호 하에 계속 거래되며 새로운 CUSIP 번호는 74449F209입니다. 이 통합은 모든 주주에게 균일하게 영향을 미치고 회사의 미결 보증 및 주식 보상을 비례적으로 조정합니다.
Psyence Biomedical (Nasdaq: PBM) a annoncé la mise en œuvre d'une consolidation d'actions 1-pour-75, effective le 26 novembre 2024. Cette consolidation, approuvée par les actionnaires le 12 novembre 2024, vise à retrouver la conformité avec l'exigence de prix minimum d'offre de Nasdaq. Chaque 75 actions ordinaires existantes sera regroupée en une seule action, les actions fractionnaires étant arrondies vers le haut ou vers le bas selon le cas. La société continuera à être négociée sous le symbole 'PBM' avec un nouveau numéro CUSIP 74449F209. La consolidation affectera uniformément tous les actionnaires et ajustera les bons de souscription et les attributs d'équité proportionnellement.
Psyence Biomedical (Nasdaq: PBM) hat die Durchführung einer 1-zu-75 Aktienkonsolidierung angekündigt, die am 26. November 2024 wirksam wird. Diese Konsolidierung, die von den Aktionären am 12. November 2024 genehmigt wurde, soll die Einhaltung der Mindestgebotsanforderung von Nasdaq wiederherstellen. Jede bestehende 75 Stammaktien wird zu einer Aktie zusammengelegt, wobei Bruchaktien entsprechend aufgerundet oder abgerundet werden. Das Unternehmen wird weiterhin unter dem Symbol 'PBM' mit einer neuen CUSIP-Nummer 74449F209 gehandelt. Die Konsolidierung wird alle Aktionäre einheitlich betreffen und die ausstehenden Optionen und Eigenkapitalvergaben proportional anpassen.
- Strategic move to maintain Nasdaq listing compliance
- Implementation of significant share consolidation (1:75 ratio) indicating potential share price concerns
- Risk of non-compliance with Nasdaq listing requirements
Insights
This reverse stock split represents a significant technical adjustment to PBM's share structure, primarily aimed at maintaining Nasdaq listing compliance. The 1:75 ratio is notably aggressive, suggesting serious concerns about the stock's price performance. While this move doesn't directly affect the company's market capitalization of
This defensive maneuver typically indicates underlying challenges, as companies usually resort to such dramatic consolidations when facing persistent share price weakness. The timing, effective November 26, gives a clear deadline for investors to adjust their positions. Historical patterns show that stocks often experience increased volatility and potential further decline following such substantial reverse splits, despite the initial price boost.
NEW YORK, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced an effective date for its previously-announced share consolidation. At its Annual General and Special Meeting of Shareholders, which was held on November 12, 2024, Psyence Biomed’s shareholders approved a consolidation of the Company’s common shares at a ratio of up to 1 common share for every 75 common shares held, with the final ratio to be determined by the Company’s board of directors (the “Board”). Also, as previously announced, the Board approved a 1-for-75 consolidation of its outstanding common shares.
The Company's common shares will begin trading on a post-consolidated basis at the opening of the market on Tuesday, November 26, 2024. Following the consolidation, the Company's common shares will continue to trade under the symbol 'PBM' with the new CUSIP number 74449F209. The consolidation is part of the Company's plan to regain compliance with the minimum bid price requirement of Nasdaq Listing Rule 5450(a)(1) (the “Nasdaq Rule 5450”) for continued listing on The Nasdaq Global Market.
At the effective time of the consolidation, every 75 issued and outstanding shares of the Company's common shares will automatically be combined into one issued and outstanding share of the Company's common shares (having no par value per share). The number of shares and the exercise price of the Company’s outstanding warrants will also be adjusted for the consolidation in accordance with the terms of such warrants.
No fractional common shares of the Company will be issued if, as a result of the consolidation, a shareholder would otherwise be entitled to a fractional share. Instead, any fractional common shares resulting from the consolidation will be rounded down to the nearest whole share if the fraction is less than one-half of a share and will be rounded up to the nearest whole share if the fraction is at least one-half of a share. The shares underlying the Company’s outstanding equity awards and warrants will be adjusted accordingly. The consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s common shares, except for adjustments that may result from the treatment of fractional shares.
Continental Stock Transfer & Trust Company is acting as the exchange agent and transfer agent for the consolidation. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the consolidation. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.
About Psyence Biomed:
Psyence Biomedical Ltd. (Nasdaq: PBM) is one of the world’s few vertically integrated biopharmas with a focus on psychedelic-based pharmaceutical therapeutics. The first life science biotechnology company developing nature-derived (non-synthetic) psilocybin-based psychedelic medicine to be listed on Nasdaq, Psyence is initially working to address the unmet needs of patients who suffer from mental health disorders in the context of Palliative Care. The name “Psyence” combines the words “psychedelics” and “science” to affirm Psyence Biomed’s commitment to an evidence-based approach to innovation as it works to develop safe and effective, FDA-approved, nature-derived psychedelic therapeutics to treat a broad range of mental health disorders.
Learn more at www.psyencebiomed.com and on LinkedIn.
Contact Information for Psyence Biomedical Ltd.
Email: ir@psyencebiomed.com
Media Inquiries: media@psyencebiomed.com
General Information: info@psyencebiomed.com
Phone: +1 416-477-1708
Investor Contact:
Jeremy Feffer
Managing Director
LifeSci Advisors
jfeffer@lifesciadvisors.com
Forward Looking Statements
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning.
Forward-looking statements in this communication include statements regarding effective date of the share consolidation referred to in this news release, the expected commencement date of its common shares trading on a split-adjusted basis and the decision regarding the Company’s continued listing on The Nasdaq Global Market. These forward-looking statements are based on a number of assumptions, including the assumption that there will be no delays in effecting the share consolidation.
There are numerous risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, among others: (i) delays in effecting the share consolidation (ii) the ability of Psyence Biomed to maintain the listing of its common shares and warrants on Nasdaq; (iii) the effectiveness of an increased pool of available shares under the 2023 Plan in incentivizing current employees and attracting future talent; and (iv) volatility in the price of the securities of Psyence Biomed due to a variety of factors, including the proposed share consolidation, changes in the competitive and highly regulated industries in which Psyence Biomed operates, variations in performance across competitors, changes in laws and regulations affecting Psyence Biomed’s business and changes in Psyence Biomed’s capital structure. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the final prospectus (File No. 333-282468) filed with the Securities and Exchange Commission on October 10, 2024 and other documents filed by Psyence Biomed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Actual results and future events could differ materially from those anticipated in such information. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, Psyence Biomed does not intend to update these forward-looking statements.
The Company does not make any medical, treatment or health benefit claims about its proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of the proposed products. Any references to quality, consistency, efficacy, and safety of potential products do not imply that the Company has verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.
FAQ
When will Psyence Biomedical's (PBM) 1-for-75 share consolidation take effect?
What happens to fractional shares after Psyence Biomedical's (PBM) consolidation?
Why is Psyence Biomedical (PBM) implementing the share consolidation?
Will Psyence Biomedical's (PBM) stock symbol change after the consolidation?
