PaxMedica Announces 1-for-17 Reverse Stock Split

Rhea-AI Summary

PaxMedica, Inc. (Nasdaq: PXMD) has completed a 1-for-17 reverse stock split of its common stock. The split-adjusted common stock will begin trading on October 31, 2023, under the symbol 'PXMD'. Each 17 pre-split shares were combined into one post-split share, with no fractional shares issued. Shareholders will receive information from Computershare Trust Corporation, the transfer agent.

TARRYTOWN, N.Y. , Oct. 30, 2023 (GLOBE NEWSWIRE) -- via IBN — PaxMedica, Inc. (Nasdaq: PXMD), a clinical stage biopharmaceutical company focusing on the development of novel anti-purinergic drug therapies (APT) for the treatment of Autism Spectrum Disorder (ASD) and other serious conditions with intractable neurologic symptoms, today announced that as a result of its 1-for-17 reverse stock split of its common stock that became effective at 8:03 a.m. Eastern Time on October 30, 2023, its common stock will begin trading on a split-adjusted basis with the open of the market on October 31, 2023. PaxMedica’s common stock will continue to trade under the existing trading symbol “PXMD.” The new CUSIP number for the common stock following the reverse stock split is 70424C 203.

As a result of the reverse stock split, each 17 pre-split shares of common stock outstanding were automatically combined and converted into one issued and outstanding share of common stock. No fractional shares of common stock were issued to any stockholders in connection with the reverse stock split. Holders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu of fractional shares.

Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Computershare Trust Corporation, N.A. Computershare can be reached at (800) 564-6253 or by email at web.queries@computershare.com.

For additional information regarding the reverse stock split, please refer to PaxMedica’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 30, 2023.

About PaxMedica

PaxMedica is a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including Autism Spectrum Disorder (“ASD”), to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (“ME/CFS”), a debilitating physical and cognitive disorder. One of PaxMedica’s primary points of focus is the development and testing of its lead program, PAX-101, an intravenous formulation of suramin, in the treatment of ASD and the advancing the clinical understanding of using that agent against other disorders such as ME/CFS. For more information, visit www.paxmedica.com.

Interested investors and shareholders are encouraged to sign up for press releases and industry updates by registering for Email Alerts at www.paxmedica.com/email-alerts and by following PaxMedica on Twitter, YouTube and LinkedIn

Contacts

PaxMedica, Inc.
303 S Broadway,
Suite 125.
Tarrytown, NY 10591
www.paxmedica.com

Media Contact
media@paxmedica.com

Investor Contact
Scott McGowan
InvestorBrandNetwork (IBN)
Phone: 310.299.1717
ir@paxmedica.com
www.paxmedica.com/investors

FAQ

What is the symbol for PaxMedica's common stock after the reverse stock split?

The symbol for PaxMedica's common stock after the reverse stock split is 'PXMD'.

How many pre-split shares were combined into one post-split share?

Each 17 pre-split shares of PaxMedica's common stock were combined into one post-split share.

Were fractional shares issued as a result of the reverse stock split?

No, no fractional shares of PaxMedica's common stock were issued.

Who is PaxMedica's transfer agent?

PaxMedica's transfer agent is Computershare Trust Corporation.

How can shareholders contact Computershare?

Shareholders can contact Computershare at (800) 564-6253 or by email at web.queries@computershare.com.

Where can I find more information about the reverse stock split?

More information about the reverse stock split can be found in PaxMedica's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 30, 2023.