Full Press Release Details
Pharmaceuticals Inc. Announces Reverse Stock Split
Fla. and CAMBRIDGE, United Kingdom, January 23, 2025 (GLOBE NEWSWIRE) - Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit"
or the "Company"), a multi-asset, clinical stage, disease-agnostic life science company delivering an efficient model for
compound development, announces that its board of directors has approved a 1-for-100 reverse stock split of the Company's common
stock. The Company's stockholders approved the reverse stock split proposal at the Company's Annual Meeting of Stockholders
held on December 18, 2024. They granted the board of directors the authority to determine the exact split ratio and when to proceed with
the reverse stock split.
reverse stock split will become effective on January 24, 2025 at 5:00 pm, Eastern Time (the "Effective Time"), and the Company's
common stock is expected to begin trading on a reverse stock split-adjusted basis on The Nasdaq Global Market ("Nasdaq")
on January 27, 2025 at market open under the existing ticker symbol, "CDT." The reverse stock split is intended to increase
the price per share of the Company's common stock to allow the Company to demonstrate compliance with the $1.00 minimum bid price
requirement for continued listing on Nasdaq, among other benefits.
of the Effective Time, every 100 shares of the Company's issued and outstanding common stock will be combined into one share of
common stock. The par value per share of the Company's common stock will remain unchanged at $0.0001. Proportional adjustments
will be made to the number of shares of common stock issuable upon the exercise of the Company's equity awards, convertible securities
and warrants, as well as the applicable exercise price, and the number of shares authorized and reserved for issuance pursuant to the
Company's equity incentive plans.
Company's common stock will continue to trade on The Nasdaq Stock Market under the symbol "CDT" following the reverse
stock split, with a new CUSIP number of 20678X205. After the effectiveness of the reverse stock split, the number of outstanding shares
of common stock will be reduced to approximately 1.5 million. No fractional shares will be issued in connection with the reverse stock
split, and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment.
Company's transfer agent, VStock Transfer, LLC, will serve as the exchange agent for the reverse stock split. Registered stockholders
holding pre-reverse stock split shares of common stock electronically in book-entry form are not required to take any action to receive
post-reverse stock split shares. Those stockholders who hold their shares in brokerage accounts or in "street name" will
have their positions automatically adjusted to reflect the reverse stock split, subject to each broker's particular processes,
and will not be required to take any action in connection with the reverse stock split.
information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and
Exchange Commission on October 28, 2024, a copy of which is available at www.sec.gov.
Conduit Pharmaceuticals
is a multi-asset, clinical stage, disease-agnostic life science company delivering an efficient model for compound development. Conduit
both acquires and funds the development of Phase 2-ready assets and then seeks an exit through third-party license deals following successful
clinical trials. Led by a highly experienced team of pharmaceutical executives including Dr. David Tapolczay and Dr. Freda Lewis-Hall,
this novel approach is a departure from the traditional pharma/biotech business model of taking assets through regulatory approval.
Statement Regarding Forward-Looking Statements
press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than
statements of historical facts contained in this press release, including statements regarding Conduit's future results of operations
and financial position, Conduit's business strategy, prospective product candidates, product approvals, research and development
costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated
studies and business endeavors with third parties, and future results of current and anticipated product candidates, are forward-looking
statements. These forward-looking statements generally are identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future," "opportunity,"
"plan," "may," "should," "will," "would," "will be," "will
continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number
of risks, uncertainties and assumptions, including, but not limited to: the effect that the reverse stock split may have on the price
of the Company's common stock; the ability or inability to maintain the listing of Conduit's securities on Nasdaq; the ability
to recognize the anticipated benefits of the business combination completed in September 2023, which may be affected by, among other
things, competition; the ability of the combined company to grow and manage growth economically and hire and retain key employees; the
risks that Conduit's product candidates in development fail clinical trials or are not approved by the U.S. Food and Drug Administration
or other applicable authorities on a timely basis or at all; changes in applicable laws or regulations; the possibility that Conduit
may be adversely affected by other economic, business, and/or competitive factors; and other risks as identified in filings made by Conduit
with the U.S. Securities and Exchange Commission. Moreover, Conduit operates in a very competitive and rapidly changing environment.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified
and some of which are beyond Conduit's control, you should not rely on these forward-looking statements as predictions of future
events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking
statements, and except as required by law, Conduit assumes no obligation and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise. Conduit gives no assurance that it will achieve its
Pharmaceuticals Inc.