180 Life Sciences announces 1-for-19 reverse stock split

180 Life Sciences will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-19. The Reverse Stock Split is expected to become effective on February 28, 2024 at 12:01 p.m. Eastern Time with shares expected to begin trading on the Nasdaq Capital Market, on a split-adjusted, at market open on February 28, 2024. In connection with the Reverse Stock Split, every 19 shares of the Company’s common stock issued and outstanding as of the Effective Time will be automatically converted into one share of the Company’s common stock. No change will be made to the trading symbol for the Company’s shares of common stock or public warrants, “ATNF” and “ATNFW”, respectively, in connection with the reverse split. The Reverse Stock Split is part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on The Nasdaq Capital Market, among other benefits. The Reverse Stock Split was approved by the Company’s stockholders at the Company’s Special Meeting of Stockholders held on February 16, 2024 to be effected in the Board’s discretion within approved parameters. Following the Special Meeting, the final ratio was approved by the Company’s Board on February 16, 2024. The Reverse Stock Split will reduce the number of shares of the Company’s outstanding common stock from approximately 11.3 million shares (as of the date of this press release, when including issuances in process) to approximately 0.6 million shares, subject to adjustment for rounding, as discussed below and potential additional issuances through the effective date of the Reverse Stock Split.