Pulmatrix, Inc. Announces 1-for-20 Reverse Stock Split

Inc. Announces 1-for-20 Reverse Stock Split

Mass., February 24, 2022 - Pulmatrix, Inc. ("Pulmatrix" or the "Company") (NASDAQ: PULM) a clinical stage

biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented

iSPERSE technology, today announced a 1-for-20 reverse split of its common stock, to be effective as of 4:05 p.m. Eastern Time

on February 28, 2022. The Company's common stock is expected to trade on the Nasdaq Capital Market on a split-adjusted-basis when

the market opens on March 1, 2022.

the special meeting of stockholders held on February 10, 2022, the Company's stockholders authorized the Board of Directors (the

"Board") to amend the Amended and Restated Certificate of Incorporation of the Company to effect a reverse stock split at

a ratio in the range of 1-for-2 to 1-for-20, with the ratio within such range to be determined at the discretion of the Board and included

in a public announcement. On February 15, 2022, the Board approved the implementation of the reverse stock split at a ratio of 1-for-20

(the "Reverse Split") with the timing described above, which will reduce the number of outstanding shares of the Company's

common stock from approximately 65,965,730 million shares to 3,298,301 million shares. The number of authorized shares of the Company's

common stock will remain at 200,000,000. No fractional shares will be issued following the Reverse Split.

effectiveness, the Reverse Split will cause a reduction in the number of shares of common stock outstanding and issuable upon the conversion

of the Company's outstanding shares of preferred stock and the exercise of its outstanding stock options and warrants in proportion

to the ratio of the Reverse Split and will cause a proportionate increase in the conversion and exercise prices of such preferred stock,

stock options and warrants. The number of shares of common stock issuable upon exercise or vesting of outstanding stock options and warrants

will be appropriately adjusted to give effect to the Reverse Split.

Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "PULM." The new CUSIP number

for the common stock following the Reverse Split is 74584P301.

Transfer, LLC, the Company's transfer agent, will be acting as exchange agent for the Reverse Split. Registered stockholders holding

their shares of common stock in book-entry or through a bank, broker or other nominee form will have their positions automatically adjusted

to reflect the Reverse Split and do not need to take any action in connection with the Reverse Split, subject to brokers' particular

processes. For those stockholders holding physical stock certificates, VStock Transfer, LLC will send instructions for exchanging those

certificates for new certificates representing the post-split number of shares. VStock Transfer, LLC can be reached at (212) 828-8436.

Company is completing the Reverse Split in order to increase the trading price of its common stock to meet the minimum per share bid

price requirement for continued listing on The Nasdaq Capital Market. The Company believes increasing the trading price of its common

stock may make its common stock more attractive to a broader range of investors. Accordingly, the Company believes that the Reverse Split

is in its stockholders' best interests.

information about the Reverse Split can be found in the Company's definitive proxy statement filed with the Securities and Exchange

Commission on December 30, 2021, a copy of which is also available at www.sec.gov or at www.pulmatrix.com under the SEC Filings tab located

on the Investors page.

is a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary

disease using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for serious

lung diseases, such as allergic bronchopulmonary aspergillosis ("ABPA"), Chronic Obstructive Pulmonary Disease (COPD), and

neurologic disorders such as acute migraine. Pulmatrix's product candidates are based on its proprietary engineered dry powder

delivery platform, iSPERSE , which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing

systemic side effects to improve patient outcomes.

statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within

the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include,

but are not limited to, statements of historical fact and statements regarding the Reverse Split and may be identified by words such

as "anticipates," "assumes," "believes," "can," "could," "estimates,"

"expects," "forecasts," "guides," "intends," "is confident that", "may,"

"plans," "seeks," "projects," "targets," and "would," and their opposites

and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs

of management as well as assumptions made by and information currently available to management. Actual results could differ materially

from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the effect that

the Reverse Split may have on the price of our common stock; current conditions such as the impact of the novel coronavirus (COVID-19)

on the Company's ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on the Company's

ability to conduct its business and raise capital in the future when needed; routine operating factors such as delays in planned clinical

trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish

or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental

approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain

such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or

in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists;

the ability to secure and enforce legal rights related to the Company's products, including patent protection; and, Company-specific

factors such as the outcome of the Company's dispute with Cipla regarding the continued development of Pulmazole. A discussion

of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company's filings

with the SEC, including its most recent annual report on Form 10-K, as amended, as may be supplemented or amended by the Company's

Quarterly Reports on Form 10-Q. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as

a result of new information, future events or otherwise, except as required by law.