On August 15, 2024 Aligos Therapeutics, Inc. (Nasdaq: ALGS, "Aligos", "Company"), a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in liver and viral diseases, reported that it will effect a 1-for-25 reverse stock split of its shares of common stock (Press release, Aligos Therapeutics, AUG 15, 2024, View Source [SID1234645940]). The reverse stock split will become effective at 12:01 am ET on Monday, August 19, 2024. The Company’s common stock is expected begin trading on the Nasdaq Capital Market under the same symbol (ALGS) on a split-adjusted basis at the market open on August 19, 2024 with the new CUSIP number 01626L 204.
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At the effective time, all outstanding stock options, warrants, and equity incentive plans will be proportionally affected. Every 25 shares of issued and outstanding shares of the company’s common stock will automatically be reclassified into one issued and outstanding share of common stock without any change in the par value of $0.0001 per share. No fractional shares will be issued in connection the reverse stock split and stockholders will be entitled to a cash payment in lieu of fractional shares. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of Aligos’s shares, except for those stockholders receiving a cash payment in lieu of fractional shares.
The Company is primarily implementing the reverse stock split to enable it to regain compliance with the Nasdaq $1.00 minimum bid price requirement. The reverse stock split was approved by the Company’s stockholders at the Annual Meeting of Stockholders on June 27, 2024. Subsequently, the Board of Directors approved the reverse stock split at a ratio of 1-for-25.
Continental Stock Transfer & Trust Company is acting as the exchange and transfer agent for the reverse stock split. Continental will provide instructions to stockholders with registered shares and those receiving a cash payment for fractional shares, if any. Those stockholders with shares in "street name" will have their positions automatically adjusted, subject to each broker’s processes. If any action is required, each stockholder will receive instructions directly from their broker.
Additional information about the reverse stock split can be found in the definitive proxy statement filed with the Securities and Exchange Commission (SEC) on April 29, 2024, which is available on the SEC’s website, www.sec.gov, and the company’s website at www.aligos.com.