Portage Biotech Announces 1-for-20 Reverse Stock Split
Portage Biotech (NASDAQ: PRTG) has announced a 1-for-20 reverse stock split of its ordinary shares, effective August 15, 2024. This strategic move aims to increase the per-share trading price and ensure compliance with Nasdaq's minimum $1.00 bid price requirement for continued listing. The split will convert every 20 pre-split shares into 1 post-split share, with fractional shares rounded up. Trading will continue under the symbol 'PRTG' with a new CUSIP number.
The reverse split will uniformly affect all shareholders, maintaining their percentage interest in the company, except for minor adjustments due to fractional shares. Outstanding options, warrants, and equity incentive plans will be adjusted accordingly. Notably, the number of authorized shares remains unlimited under British Virgin Islands law.
Portage Biotech (NASDAQ: PRTG) ha annunciato un consolidamento azionario 1-a-20 delle sue azioni ordinarie, che entrerà in vigore il 15 agosto 2024. Questa mossa strategica ha l'obiettivo di aumentare il prezzo di scambio per azione e garantire la conformità al requisito minimo di $1.00 per il prezzo di offerta di Nasdaq per il mantenimento della quotazione. Il consolidamento convertirà ogni 20 azioni pre-consolidamento in 1 azione post-consolidamento, con le azioni frazionarie arrotondate per eccesso. La negoziazione continuerà sotto il simbolo 'PRTG' con un nuovo numero CUSIP.
Il consolidamento azionario influirà uniformemente su tutti gli azionisti, mantenendo la loro percentuale di interesse nell'azienda, eccetto per lievi aggiustamenti dovuti alle azioni frazionarie. Le opzioni in circolazione, i warrant e i piani di incentivazione azionaria saranno adeguati di conseguenza. È importante notare che il numero di azioni autorizzate rimane illimitato secondo la legge delle Isole Vergini Britanniche.
Portage Biotech (NASDAQ: PRTG) ha anunciado un consolidación de acciones 1-a-20 de sus acciones ordinarias, que entrará en vigor el 15 de agosto de 2024. Este movimiento estratégico tiene como objetivo aumentar el precio de negociación por acción y asegurar el cumplimiento del requisito mínimo de $1.00 para el precio de oferta de Nasdaq para mantener la lista. La consolidación convertirá cada 20 acciones antes de la consolidación en 1 acción después de la consolidación, con las acciones fraccionarias redondeadas hacia arriba. La negociación continuará bajo el símbolo 'PRTG' con un nuevo número CUSIP.
La consolidación afectará uniformemente a todos los accionistas, manteniendo su interés porcentual en la empresa, excepto por ajustes menores debido a acciones fraccionarias. Las opciones en circulación, los warrants y los planes de incentivos de capital se ajustarán en consecuencia. Cabe destacar que el número de acciones autorizadas sigue siendo ilimitado bajo la ley de las Islas Vírgenes Británicas.
포티지 바이오텍 (NASDAQ: PRTG)는 1대 20 비율의 주식 병합을 2024년 8월 15일부터 시행한다고 발표했습니다. 이 전략적 조치는 주당 거래 가격을 높이고 나스닥의 최소 $1.00 입찰 가격 요구 사항을 준수하기 위한 것입니다. 병합은 기존의 20주를 병합 후 1주로 전환하며, 분할된 주식은 올림 처리됩니다. 거래는 'PRTG' 기호로 계속 진행되며 새로운 CUSIP 번호가 부여됩니다.
비율 병합은 모든 주주에게 고르게 영향을 미치며, 회사에 대한 그들의 비율적 이익은 유지되지만, 분할된 주식으로 인한 미세 조정이 있습니다. 유효한 옵션, 보증서 및 지분 인센티브 계획도 이에 따라 조정됩니다. 주목할 점은 영국령 버진 제도 법에 따라 승인된 주식 수가 무제한으로 유지된다는 것입니다.
Portage Biotech (NASDAQ: PRTG) a annoncé un rachat d'actions au ratio de 1 pour 20 de ses actions ordinaires, à compter du 15 août 2024. Ce mouvement stratégique vise à augmenter le prix de négociation par action et à garantir le respect de l'exigence d'un prix d'offre minimum de 1,00 $ de Nasdaq pour un maintien de cotation. Le rachat convertira chaque 20 actions avant le rachat en 1 action après le rachat, les actions fractionnaires étant arrondies à l'unité supérieure. La négociation se poursuivra sous le symbole 'PRTG' avec un nouveau numéro CUSIP.
Le rachat affectera uniformément tous les actionnaires, maintenant leur pourcentage d'intérêt dans l'entreprise, sauf pour de légers ajustements dus aux actions fractionnaires. Les options en circulation, les bons de souscription et les plans d'incitation en capital seront ajustés en conséquence. À noter que le nombre d'actions autorisées reste illimité selon la loi des Îles Vierges britanniques.
Portage Biotech (NASDAQ: PRTG) hat einen 1-zu-20 Reverse-Split seiner Stammaktien angekündigt, der am 15. August 2024 wirksam wird. Dieser strategische Schritt zielt darauf ab, den Handelskurs pro Aktie zu erhöhen und die Einhaltung der Mindestgebotsanforderung von $1,00 der Nasdaq für eine weiterhin gelistete Aktie sicherzustellen. Der Split wird jede 20 vor dem Split gehaltene Aktie in 1 nach dem Split gehaltene Aktie umwandeln, wobei Bruchstücke aufgerundet werden. Der Handel wird weiterhin unter dem Symbol 'PRTG' mit einer neuen CUSIP-Nummer stattfinden.
Der Reverse-Split wird alle Aktionäre einheitlich betreffen und ihren prozentualen Anteil am Unternehmen beibehalten, abgesehen von kleinen Anpassungen aufgrund von Bruchstücken. Ausstehende Optionen, Warrants und Aktienanreizpläne werden entsprechend angepasst. Hervorzuheben ist, dass die Anzahl der genehmigten Aktien gemäß dem Recht der Britischen Jungferninseln unbegrenzt bleibt.
- Aims to maintain Nasdaq listing compliance
- Potential increase in share price attractiveness to investors
- Indicates previous inability to maintain minimum share price
- May signal financial challenges or market perception issues
Insights
The 1-for-20 reverse stock split is a critical move for Portage Biotech to maintain its Nasdaq listing. This action will artificially boost the share price, potentially above the
Portage Biotech's reverse split reflects broader trends in the biotech sector, where many smaller companies struggle to maintain Nasdaq listings amid challenging market conditions. This move might temporarily solve the listing issue but doesn't address underlying challenges in the immuno-oncology space. Investor sentiment towards such actions is generally negative, often leading to increased scrutiny and potential sell-offs. However, if Portage can leverage this opportunity to refocus investor attention on its clinical-stage pipeline and novel therapies, it might mitigate some negative perceptions. The key will be demonstrating tangible progress in their multi-targeted therapies and securing partnerships or funding to advance clinical trials.
From a legal standpoint, Portage Biotech's reverse split adheres to regulatory requirements for maintaining Nasdaq listing. The company has properly disclosed the details, including the treatment of fractional shares and adjustments to outstanding securities. It's noteworthy that Portage, incorporated in the British Virgin Islands, has unlimited authorized shares, which differs from many U.S. corporations. This could provide flexibility for future capital raises but may also concern some investors about potential dilution. Shareholders should review their rights and any changes to voting power. While the split itself doesn't trigger legal issues, the company must ensure ongoing compliance with Nasdaq rules and SEC regulations to avoid future delisting risks.
WESTPORT, Conn., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today announced that the Company’s Board of Directors approved a reverse stock split of its ordinary shares at a ratio of 1-for-20. Beginning with the opening of trading on August 15, 2024, Portage’s ordinary shares are expected to begin trading on The Nasdaq Capital Market on a split-adjusted basis under the existing trading symbol “PRTG” and new CUSIP number G7185A136.
The reverse stock split is being implemented to increase the per share trading price of the Company’s ordinary shares for the purpose of ensuring a share price high enough to comply with the minimum
As a result of the reverse stock split, every twenty (20) pre-split ordinary shares will be converted into one (1) post-split ordinary share. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole post-split ordinary share. The reverse stock split affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s ordinary shares, except for adjustments that may result from the treatment of fractional shares. All outstanding options and warrants entitling their holders to purchase the Company’s ordinary shares will be adjusted as a result of the reverse stock split, in accordance with the terms of each such security. In addition, the number of ordinary shares reserved for future issuance pursuant to the Company’s equity incentive plans will also be appropriately adjusted. The number of authorized ordinary shares will not be proportionately reduced because the Company has an unlimited number of authorized ordinary shares available for issuance, as permitted under the laws of the British Virgin Islands.
Portage’s transfer agent, TSX Trust Company, which is also acting as the exchange agent for the reverse stock split, will provide instructions to shareholders regarding the process for exchanging any share certificates.
About Portage Biotech Inc.
Portage is a clinical-stage immuno-oncology company advancing multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company has made the decision to discontinue its sponsored trial for its the invariant natural killer T-cell (iNKT) program and pause patient enrollment to its sponsored adenosine trial program (ADPORT-601 trial) for its potentially best-in-class adenosine antagonists PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company is exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings, both in and out of court, a company wind down, further financing efforts or other strategic action. For more information, please visit www.portagebiotech.com, follow us on Twitter at @PortageBiotech or find us on LinkedIn at Portage Biotech Inc.
Forward-Looking Statements
All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company’s information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," “will,” “may,” “plan,” “potential,” “continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the reverse stock split and the timing thereof and expectations related thereto, and compliance with the minimum bid price requirement are forward-looking statements. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company’s actual results to differ materially from the results described in or implied by the forward-looking statements. Factors that may cause the Company’s actual results to differ materially from those expressed or implied in the forward-looking statements in this news release are described in “Item 3 - Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2023. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
ir@portagebiotech.com
Media Relations:
media@portagebiotech.com
FAQ
When will Portage Biotech's 1-for-20 reverse stock split take effect?
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Why is Portage Biotech (PRTG) implementing a reverse stock split?
