Moleculin Biotech announces reverse stock split

Moleculin Biotech announced a 1-for-15 reverse stock split of its common stock. The reverse stock split will take effect on March 21, and the Company’s common stock will open for trading on The Nasdaq Capital Market on March 22, on a post-split basis, under the existing ticker symbol “MBRX” but with a new CUSIP number 60855D309. The reverse stock split is part of the Company’s plan to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. As a result of the reverse stock split, every fifteen shares of the Company’s common stock issued and outstanding prior to the opening of trading on March 22, will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of 0.1c. No fractional shares will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will be entitled to the rounding up of the fractional share to the nearest whole number. As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 33.4M shares to approximately 2.2M shares, and the number of authorized shares of common stock will remain at 100 million shares. In addition, the number of shares reserved for issuance under the Company’s equity compensation plan immediately prior to the reverse stock split will be reduced proportionately.