PITTSBURGH, Nov. 01, 2024 (GLOBE NEWSWIRE) — Lipella Pharmaceuticals Inc. (Nasdaq: LIPO), a clinical-stage biotechnology company focused on developing innovative therapies for serious diseases with unmet medical needs, today announced that it intends to effect a 1-for-8 reverse stock split of its common stock effective as of 5:00 p.m. Eastern Time on November 7, 2024 upon the filing of a certificate of amendment to the Company’s certificate of incorporation with the Secretary of State of the State of Delaware. The Company expects that its common stock will begin trading on a split-adjusted basis when the market opens on November 8, 2024, under its current trading symbol “LIPO.” Following the reverse stock split, the CUSIP number for the Company’s common stock will be updated to 53630L209.
The reverse stock split is intended to bring the Company into compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Stockholders approved the reverse stock split at the Company’s Annual Meeting of Stockholders held on September 10, 2024, with the Board of Directors subsequently approving the 1-for-8 ratio.
The reverse stock split will not impact the number of authorized shares of common stock of the Company, which will remain at 200,000,000, nor will it affect the par value of common stock, which remains $0.0001 per share.
The 1-for-8 reverse stock split will convert eight shares of the Company’s common stock into one new share of common stock.
The Company’s transfer agent, Nevada Agency and Transfer Company, will act as the exchange agent for the reverse stock split. Stockholders of record will receive information from Nevada Agency and Transfer Company regarding the transition. Stockholders who hold shares through in book-entry form or through a broker or other nominee will have their positions adjusted automatically to reflect the reverse stock split and will not need to take any action. Nevada Agency and Transfer Company can be reached at (775) 322-0626 to address questions regarding the exchange process.
About Lipella Pharmaceuticals Inc.
Lipella Pharmaceuticals is a clinical-stage biotechnology company focused on developing new drugs by reformulating active agents in existing generic drugs and optimizing these reformulations for new applications. Lipella targets diseases with significant unmet needs, where no approved drug therapies currently exist. The company completed its initial public offering in December 2022. Learn more at lipella.com and follow us on X and LinkedIn.
