Windtree Therapeutics (WINT) Announces Reverse Stock Split
Windtree Therapeutics, Inc. (WINT) (“Windtree” or the “Company”), a biotechnology company focused on advancing multiple interventions for late-stage cardiovascular disorders, today announced that the Company’s Board of Directors has approved a proposal 1 for 50 reverse stock split of its issued and outstanding common shares (the “reverse stock split”). The reverse stock split will become effective at 12:01 a.m. Eastern Time on February 24, 2023 and the Company’s common shares will open for trading on the Nasdaq Capital Markets on an adjusted split under the symbol ” WINT”. At that time, the Company’s common shares will also begin trading under a new CUSIP number, 97382D 402.
The Company expects that the reverse stock split, which was approved by shareholders at a special shareholders’ meeting on February 7, 2023, will increase the market price per share of the Company’s common shares, which will make the Company Meet the listing requirements of the $1.00 minimum bid price requirement by The Nasdaq Capital Market.
At the effective time of the reverse stock split, each fifty (50) issued and outstanding common shares of the Company will automatically convert into one (1) issued and outstanding common share with any fraction of a share rounded to the nearest integer. share and no change in par value of $0.001 per share. This will reduce the number of outstanding common shares of the Company from approximately 44.5 million shares to approximately 0.9 million shares. Proportionate adjustments will be made to the number of common shares that may be issued upon exercise of the Company’s outstanding stock options, restricted stock units and warrants, as well as the applicable exercise price.
Fractions of common shares will not be issued as a result of the reverse stock split. The reverse stock split impacts all holders of the Company’s common shares proportionately and will not affect any shareholder’s percentage ownership of the common shares (except to the extent that the reverse stock split results in any shareholder owns only a fractional share, in which case said participation will be rounded up to a whole share).
Continental Stock Transfer & Trust Company is acting as transfer and exchange agent for the Reverse Stock Split. Shareholders of record holding pre-split shares of the Company’s capital stock are not required to take any action to receive post-split shares. The positions of shareholders holding shares through a broker, bank, trust or other nominee will be automatically adjusted to reflect the reverse split of shares, subject to such broker’s particular processes, and they will not be required to take any action regarding with the reverse division of shares.
Additional information regarding the reverse stock split is available in the Current Report on Form 8-K filed today, as well as in the Company’s final proxy statement (Form DEF 14A) filed with the United States Securities and Exchange Commission. United States on January 10, 2023.