Vyant Bio Announces One-for-Five Reverse Stock Split
CHERRY HILL, N.J., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Vyant Bio, Inc. (“Vyant Bio” or “Company”) (Nasdaq: VYNT) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company’s proprietary central nervous system (“CNS”) drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Today, Vyant Bio announced that the Company will effect a 1-for-5 (1:5) reverse stock split of its outstanding common stock. This will become effective for trading purposes as of the commencement of trading on Wednesday, November 2, 2022. Vyant Bio’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “VYNT” and under a new CUSIP number, 92942V208.
The reverse stock split is intended to increase the per share trading price of Vyant Bio’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (Nasdaq Listing Rule 5550(a)(2)). As a result of the reverse stock split, every five pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the shareholders. The number of outstanding shares of common stock is expected to be reduced from 29,412,798 shares issued and outstanding as of October 31, 2022, to approximately 5,882,559 shares.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-split shares of the Company’s common stock not evenly divisible by five will instead receive a cash payment based on the closing price of the Company’s common stock on the five consecutive days leading up to the effective date of the reverse split. The reverse stock split will also apply to common stock issuable upon the exercise of Vyant Bio’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under the Company’s equity incentive plans.
On July 14, 2022, the holders of a majority of the Company’s outstanding shares of common stock approved the reverse stock split and gave the Company’s board of directors discretionary authority to select a ratio for the split ranging from one-for-five (1:5) to one-for-fifteen (1:15). The board of directors approved the reverse stock split at a ratio of one-for-five (1:5) on October 23, 2022.
Continental Stock Transfer & Trust Company is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.
ABOUT VYANT BIO, INC.
Vyant Bio, Inc. (“Vyant Bio” or the “Company”) (Nasdaq: VYNT) is an innovative biotechnology company focused on identifying unique biological targets and novel and repurposed therapeutics. Vyant Bio has built a platform of therapeutics seeking to treat neurodevelopmental and neurodegenerative diseases, with current programs targeting Rett Syndrome (“Rett”), CDKL5 Deficiency Disorders (“CDD”), and Parkinson’s Disease. The Company’s approach to drug discovery integrates human-derived biology with artificial intelligence and machine learning technologies to de-risk candidate selection, with the goal of improving the potential effectiveness of drugs discovered earlier in the development cycle. Vyant Bio’s management believes that drug discovery needs to progressively shift to more efficient methods as the widely used models for predicting safe and effective drugs have under-performed, as evidenced by the significant time and cost of bringing novel drugs to patients. By combining sophisticated data science capabilities with highly functional human cell derived disease models, Vyant Bio seeks to leverage its current ability to screen and test therapeutic candidates, and create a unique approach to assimilating data that supports decision making iteratively throughout the discovery phase of drug development to identify both novel and repurposed CNS therapeutic candidates.
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Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Vyant Bio, Inc.’s expectations regarding future financial and/or operating results, the efficacy of our drug screening and discovery process, and potential for our services, future revenue or growth in this press release constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” and “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in our attempts to regain compliance with The Nasdaq Capital Market’s listing standards, discover drug candidates, partner with pharmaceutical and other biotechnology companies, achieve profitability, adapt to the global coronavirus pandemic, raise capital to meet our liquidity needs, and other risks discussed in the Vyant Bio, Inc. Form 10-K for the year ended December 31, 2021, and any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Vyant Bio disclaims any obligation to update these forward-looking statements.
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Released November 1, 2022