Full Press Release Details
Xenetic Biosciences,
Inc. Announces Reverse Stock Split of Common Stock
MA - (May 12, 2023) - Xenetic Biosciences, Inc. (NASDAQ: XBIO) ("Xenetic"
or the "Company"), a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard
to treat cancers, today announced it will effect a one-for-ten reverse stock split of its authorized, issued and outstanding common
stock. Pursuant to the Certificate of Change filed with the Secretary of State of the State of Nevada, the reverse stock split will be
effective at 12:01 a.m., Eastern Time, on May 15, 2023. Xenetic expects that upon the opening of trading on May 15, 2023, its common stock
will trade on the Nasdaq Capital Market on a split-adjusted basis under the current trading symbol "XBIO" and the new CUSIP
No fractional shares will be issued as a result
of the reverse stock split. Any fractional shares that would result from the reverse stock split will be rounded up to the nearest whole
Stockholders of record are not required to send
in their current stock certificates or evidence of book-entry or other electronic positions for exchange. Following the effectiveness
of the reverse stock split, each stock certificate and book-entry or other electronic position representing issued and outstanding shares
of Xenetic's common stock will be automatically adjusted. Those stockholders holding common stock in "street name" will receive
instructions from their brokers if they need to take any action in connection with the reverse stock split. Stockholders should direct
any questions concerning the reverse stock split to their broker or Xenetic's transfer agent and registrar, Empire Stock Transfer, Inc.,
About Xenetic Biosciences
Xenetic Biosciences, Inc. is a biopharmaceutical
company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers. The Company's DNase platform is
designed to improve outcomes of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps (NETs), which
have been implicated in cancer progression and resistance to cancer treatments. Xenetic is currently focused on advancing its systemic
DNase program into the clinic as an adjunctive therapy for pancreatic carcinoma and locally advanced or metastatic solid tumors.
For more information, please visit the Company's website at www.xeneticbio.com and
connect on Twitter, LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements
that we intend to be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements contained
in this press release other than statements of historical facts may constitute forward-looking statements within the meaning of the federal
securities laws. These statements can be identified by words such as "expects," "plans," "projects," "will,"
"may," "anticipates," "believes," "should," "intends," "estimates," and other
words of similar meaning, including, but not limited to, statements regarding: our expectation that upon the opening of trading on May
15, 2023, our common stock will trade on the Nasdaq Capital Market on a split-adjusted basis; all statements regarding expectations for
our DNase-base oncology platform, including the DNase platform improving outcomes of existing treatments, including immunotherapies, by
targeting neutrophil extracellular traps (NETs), which have been implicated in cancer progression and resistance to cancer treatments,
and our focus on advancing our systemic DNase program into the clinic as an adjunctive therapy for pancreatic carcinoma and locally advanced
or metastatic solid tumors. Any forward-looking statements contained herein are based on current expectations, and are subject to a number
of risks and uncertainties. Many factors could cause our actual activities, performance, achievements, or results to differ materially
from the activities and results anticipated in forward-looking statements. Important factors that could cause actual activities, performance,
achievements, or results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs,
charges or expenses resulting from our manufacturing and collaboration agreements; (2) unexpected costs, charges or expenses resulting
from the licensing of the DNase platform; (3) uncertainty of the expected financial performance of the Company following the licensing
of the DNase platform; (4) failure to realize the anticipated potential of the DNase, XCART or PolyXen technologies; (5) the ability of
the Company to implement its business strategy; and (6) other risk factors as detailed from time to time in the Company's reports filed
with the SEC, including its annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other
documents filed with the SEC. The foregoing list of important factors is not exclusive. In addition, forward-looking statements may also
be adversely affected by general market factors, general economic and business conditions, including potential adverse effects of public
health issues, such as the COVID-19 outbreak, and geopolitical events, such as the Russian invasion of Ukraine, on economic activity,
competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new product
candidates and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking
statements contained in this press release speak only as of the date the statements were made, and the Company does not undertake any
obligation to update forward-looking statements, except as required by law.