First Wave BioPharma announces 1-for-20 reverse stock split

First Wave BioPharma announced that the Company’s stockholders have approved all proposals voted on at the Company’s special meeting of stockholders held on December 12, 2023, and that its Board of Directors approved a 1-for-20 reverse stock split of its outstanding shares of common stock, to be effective as of 12:01 a.m. Eastern Time on Monday, December 18, 2023. At the Special Meeting, First Wave’s stockholders approved four proposals: to increase the total number of authorized shares of the Company’s common stock, par value $0.0001, by 50,000,000 shares to 100,000,000 shares; to grant the Company’s Board of Directors the discretion to effect a reverse stock split of First Wave’s Common Stock through an amendment to its Certificate of Incorporation at a ratio of not less than 1-for-10 and not more than 1-for-20; to ratify the Company’s entry into a securities purchase agreement entered into on July 18, 2023; and to adjourn the Special Meeting in the event that there are insufficient proxies to approve any one or more of the three preceding proposals.