Full Press Release Details
Announces 1-for-15 Reverse Stock Split
N.J., May 22, 2024 - Tharimmune, Inc. (Nasdaq: THAR) ("Tharimmune" or the "Company"), a clinical-stage
biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory and oncologic conditions, announced today
that it will effect a 1-for-15 reverse stock split of its issued and outstanding shares of common stock after the close of trading on
The Nasdaq Capital Market ("Nasdaq") on May 24, 2024. Tharimmune's common stock will trade on a post-split basis when
the market opens on May 28, 2024 under the existing trading symbol "THAR" and the new CUSIP number 432705309. The reverse
stock split was approved by Tharimmune stockholders at the Annual Meeting of Stockholders held on May 14, 2024, with the final ratio
determined by the Company's Board of Directors.
a result of the reverse stock split, every 15 shares of issued and outstanding common stock will be exchanged for 1 share of common stock,
with any fractional shares being rounded up to the next higher whole share. Immediately after the reverse stock split becomes effective,
the Company will have approximately 785,978 shares of common stock issued and outstanding. In addition, a proportionate adjustment will
be made to outstanding equity-based awards and other equity rights.
reverse stock split is primarily intended to bring the Company into compliance with Nasdaq's $1.00 per share minimum bid price
requirement for continued listing; however, no assurance can be given that such reverse stock split will enable the Company to regain
compliance with the Nasdaq minimum bid price requirement.
Inc. is a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory, and oncologic
diseases. The Company has acquired an exclusive worldwide license for a clinical-stage asset, known to suppress chronic, debilitating
pruritis or "uncontrollable itching" in PBC, a rare and orphan liver disease with no known cure. The Company's early-stage
immuno-oncology pipeline includes novel multi-specific antibodies targeting unique epitopes with novel mechanisms of action against well-known,
validated targets in multiple solid tumors,, including PD-1, HER2 and HER3. Tharimmune has a license agreement with OmniAb, Inc. to access
the company's antibody discovery technology platform against specified targets. For more information please visit: www.tharimmune.com.
statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, contained in this press release, including statements regarding Tharimmune's
strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking
statements. The words "anticipate," "believe," "continue," "could," "depends,"
"estimate," "expect," "intend," "may," "ongoing," "plan," "potential,"
"predict," "project," "target," "should," "will," "would," and
similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying
words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and
you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking statements. Factors that may cause such differences, include, but are
not limited to, those discussed under Risk Factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023 and
other periodic reports filed by the Company from time to time with the Securities and Exchange Commission. In addition, the forward-looking
statements included in this press release represent the Company's views as of the date of this release. Subsequent events and developments
may cause the Company's views to change; however, the Company does not undertake and specifically disclaims any obligation to update
or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of
unanticipated events, except as may be required by applicable law. These forward-looking statements should not be relied upon as representing
the Company's views as of any date subsequent to the date of this release.