Silexion Therapeutics Announces 1-for-9 Reverse Share Split
Silexion Therapeutics (NASDAQ: SLXN) announced a 1-for-9 reverse share split of its ordinary shares, effective after market close on November 27, 2024. Trading on a split-adjusted basis will begin on November 29, 2024, under the same ticker symbol. The par value will increase from $0.0001 to $0.0009 per share, with fractional shares rounded up to whole shares. The move aims to maintain Nasdaq listing compliance and address short-term share price volatility following their business combination. Shareholders with book-entry shares or holding through brokers need not take action as adjustments will be automatic.
Silexion Therapeutics (NASDAQ: SLXN) ha annunciato un frazzionamento inverso 1-per-9 delle sue azioni ordinarie, con effetto dopo la chiusura del mercato il 27 novembre 2024. Le negoziazioni su base adeguata al frazionamento inizieranno il 29 novembre 2024, utilizzando lo stesso simbolo di borsa. Il valore nominale aumenterà da $0.0001 a $0.0009 per azione, con le azioni frazionate arrotondate a un intero. Questa mossa mira a mantenere la conformità con le normative di Nasdaq e a gestire la volatilità a breve termine del prezzo delle azioni dopo la loro fusione aziendale. Gli azionisti con azioni registrate o che detengono tramite intermediari non devono intraprendere alcuna azione, poiché gli aggiustamenti saranno automatici.
Silexion Therapeutics (NASDAQ: SLXN) anunció un split inverso 1 por 9 de sus acciones ordinarias, que será efectivo después del cierre del mercado el 27 de noviembre de 2024. La negociación en una base ajustada por el split comenzará el 29 de noviembre de 2024, bajo el mismo símbolo de cotización. El valor nominal aumentará de $0.0001 a $0.0009 por acción, con acciones fraccionarias redondeadas a acciones enteras. Esta medida busca mantener el cumplimiento con las normas del Nasdaq y abordar la volatilidad del precio de las acciones a corto plazo tras su combinación de negocios. Los accionistas con acciones en libro o que las mantengan a través de brókers no necesitan tomar medidas, ya que los ajustes serán automáticos.
Silexion Therapeutics (NASDAQ: SLXN)는 2024년 11월 27일 시장 마감 이후 9주를 1주로 나누는 역분할을 발표했습니다. 분할 조정 기준으로 거래는 2024년 11월 29일부터 시작되며, 동일한 티커 기호로 거래됩니다. 주당 액면가는 $0.0001에서 $0.0009로 증가하며, 분할 주식은 전체 주식으로 반올림됩니다. 이번 조치는 Nasdaq 상장 규정을 준수하고, 기업 결합 이후 단기 주가 변동성을 해결하기 위한 것입니다. 주식 명의 등록을 하거나 중개사를 통해 보유하고 있는 주주들은 조정이 자동으로 이루어지므로 별다른 조치를 취할 필요가 없습니다.
Silexion Therapeutics (NASDAQ: SLXN) a annoncé un rachat inversé de 1 pour 9 de ses actions ordinaires, effectif après la fermeture du marché le 27 novembre 2024. Les transactions sur la base du rachat ajusté commenceront le 29 novembre 2024, sous le même symbole boursier. La valeur nominale passera de 0,0001 $ à 0,0009 $ par action, les actions fractionnaires étant arrondies à des actions entières. Cette démarche vise à respecter les critères de cotation Nasdaq et à traiter la volatilité à court terme des prix des actions suite à leur combinaison d'affaires. Les actionnaires détenant des actions en compte ou les détenant par l'intermédiaire de courtiers n'ont pas besoin de prendre de mesures, car les ajustements se feront automatiquement.
Silexion Therapeutics (NASDAQ: SLXN) gab bekannt, dass ein 1-für-9 Umkehraktienzusammenschluss seiner Stammaktien nach Marktschluss am 27. November 2024 wirksam wird. Der Handel auf Basis des angepassten Splits beginnt am 29. November 2024 unter demselben Tickersymbol. Der Nennwert wird von $0,0001 auf $0,0009 pro Aktie steigen, wobei Bruchstücke auf volle Aktien aufgerundet werden. Diese Maßnahme zielt darauf ab, die Einhaltung der Nasdaq-Listung zu gewährleisten und die kurzfristige Volatilität des Aktienkurses nach ihrer Unternehmenszusammenlegung anzugehen. Aktionäre mit Buchbeständen oder die über Broker halten, müssen keine Maßnahmen ergreifen, da die Anpassungen automatisch vorgenommen werden.
- No meaningful positive business aspects reported
- Implementing reverse stock split to maintain Nasdaq listing compliance indicates share price weakness
- Company experiencing short-term volatility in share price
- Potential need for future equity financings suggested in PR
- Share price has fallen below Nasdaq minimum bid requirements
Insights
This reverse stock split represents a significant technical adjustment that could impact Silexion's market dynamics. The 1-for-9 ratio is relatively steep, suggesting serious concerns about maintaining Nasdaq compliance. While the move will mechanically boost the share price, it doesn't change the company's
The timing and context raise red flags: The mention of "short-term volatility" and need for "equity financings" hints at potential upcoming dilutive capital raises. The split appears defensive rather than strategic, aimed at maintaining listing requirements rather than reflecting business strength. Investors should note that reverse splits historically often precede further share price declines, especially in biotech companies needing additional funding for clinical programs.
Trading on split-adjusted basis will begin at market open on November 29, 2024. This adjustment is expected to help Silexion comply with NASDAQ requirements, enhance its market position, and support its strategic growth initiatives
GRAND CAYMAN, Cayman Islands, November 22, 2024 – Silexion Therapeutics Corp. (NASDAQ: SLXN) (“Silexion” or the “Company”), a clinical-stage biotech developing RNA interference (RNAi) therapies for KRAS-driven cancers, today announced a 1-for-9 reverse share split of its ordinary shares. The reverse share split will become effective after market close on November 27, 2024, and the Company’s ordinary shares will begin trading on a split-adjusted basis on the Nasdaq Global Market at market open on November 29, 2024, under the existing ticker symbol “SLXN.” A new CUSIP number will be assigned to the post-reverse split shares.
As a result of the reverse share split, every nine ordinary shares of Silexion issued and outstanding will be automatically combined into one share. The par value of the ordinary shares will be proportionately increased, from
“Our decision to initiate a reverse share split aligns with Silexion’s commitment to maintaining our Nasdaq listing and ensuring a robust foundation for future growth,” said Ilan Hadar, Chairman and CEO of Silexion. “Given our recently reported milestones and strong pipeline, I am confident that we are well-positioned to advance our clinical programs and deliver value to our shareholders and to patients in the future. We believe this reverse split will help address the common short-term volatility in our share price that we experienced following our business combination and position us for long-term growth.”
Shareholders holding shares in book-entry form do not need to take any action in respect of the reverse share split, as their shares will be adjusted automatically. Those holding shares through a broker or nominee will also not need to take any action, as the number of shares held by them will be adjusted automatically, as reflected in their brokerage account. For further details, those shareholders should contact their broker.
The reverse share split is intended, among other things, to enable the Company to regain and maintain compliance with Nasdaq’s minimum bid price requirement, as outlined in Nasdaq Listing Rule 5450(a)(1). This adjustment is expected to help Silexion align with Nasdaq standards, enhance its market position, and support its strategic growth initiatives (including by enabling the Company to conduct equity financings).
About Silexion Therapeutics:
Silexion Therapeutics (NASDAQ: SLXN) is a pioneering clinical-stage, oncology-focused biotechnology company developing innovative RNA interference (RNAi) therapies to treat solid tumors driven by KRAS mutations, the most common oncogenic driver in human cancers. The company's first-generation product, LODER™, has shown promising results in a Phase 2 trial for non-resectable pancreatic cancer. Silexion is also advancing its next-generation siRNA candidate, SIL-204, designed to target a broader range of KRAS mutations and showing significant potential in preclinical studies. The company remains committed to pushing the boundaries of therapeutic innovation in oncology, with a focus on improving outcomes for patients with difficult-to-treat cancers. For more information please visit: https://silexion.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this communication, including statements regarding Silexion’s share price, business strategy, research and development plans, anticipated milestones, expected clinical and preclinical advancements, the potential benefits of the reverse share split, and management’s objectives for future operations, are forward-looking statements. These forward-looking statements are generally identified by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential,” or “continue,” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, Silexion’s expectations regarding the progression of its clinical and preclinical programs, anticipated benefits of the reverse share split, financing prospects, future market conditions, expected regulatory filings, and other potential developments related to its research pipeline and business strategy. Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in such statements. Important factors that could cause such differences include, but are not limited to: (i) Silexion’s ability to realize the anticipated benefits of being a public company, which may be impacted by competition, operational challenges, the retention of key personnel, and the costs associated with public listing; (ii) risks related to Silexion’s ability to advance its lead programs, including LODER™ and SIL-204, through clinical development successfully and in a timely manner; (iii) the potential impact of the reverse share split on the Company’s share price and its ability to maintain compliance with Nasdaq listing requirements; (iv) the potential impact of the reverse share split on Silexion’s ability to successfully raise capital in the near future; (v) changes in regulatory requirements or the potential for regulatory delays; (vi) Silexion’s ability to maintain and expand its intellectual property portfolio; (vii) the availability and terms of additional capital needed to fund ongoing research and development activities and operational expenses; (viii) the evolving market for RNA interference (RNAi) therapies and the competitive landscape in oncology; (ix) the possibility that Silexion may not achieve anticipated milestones within expected timelines, including initiation of Phase 2/3 clinical trials for SIL-204; (x) risks associated with reliance on third-party manufacturers and collaborators for development and commercialization efforts; and (xi) other risks and uncertainties as detailed in the documents filed or to be filed with the SEC by Silexion, including the definitive proxy statement on Schedule 14A filed on October 22, 2024, the proxy supplement filed under cover of Schedule 14A on November 13, 2024, and the Form S-1 registration statement filed on October 31, 2024. Silexion cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. Silexion undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.
Company Contact
Silexion Therapeutics Corp
Ms. Mirit Horenshtein Hadar, CFO
mirit@silexion.com
Investor Contact
ARX | Capital Markets Advisors
North American Equities Desk
silexion@arxadvisory.com
FAQ
When will Silexion Therapeutics (SLXN) reverse stock split take effect?
What is the ratio of Silexion's (SLXN) reverse stock split?
Why is Silexion (SLXN) implementing a reverse stock split?
Do Silexion (SLXN) shareholders need to take any action for the reverse split?
