Iterum Therapeutics Announces Date of 1-for-15 Reverse Share Split
August 16 2022 - 9:00PM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, announced today that it will effect a 1-for-15 reverse
share split of its outstanding ordinary shares at 5.00 p.m. Eastern
Time on August 17, 2022, which will be effective for trading
purposes on the Nasdaq Capital Market as of the commencement of
trading on August 18, 2022.
At the Annual General Meeting of Shareholders on June 15,
2022, the Company’s shareholders approved, subject to and
conditional upon the Board of Directors of the Company determining,
in its sole discretion, that a reverse share split is necessary for
the Company to comply with the minimum $1.00 per share
requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (“Bid Price
Rule”), a reverse share split (i.e., a consolidation of share
capital under Irish law) whereby every fifteen ordinary shares
of $0.01 (nominal value) each in the authorized and
unissued and authorized and issued share capital of the Company be
consolidated into one ordinary share of $0.15 (nominal
value) each, and the subsequent reduction in the nominal value of
the ordinary shares in the authorized and unissued and authorized
and issued share capital of the Company from $0.15 each
to $0.01 each. The Company’s Board of Directors
subsequently determined that the reverse share split was necessary
for the Company to comply with the Bid Price Rule.
The Company’s ordinary shares will continue to trade on the
Nasdaq Capital Market under the symbol “ITRM” and the new CUSIP
number for the Company’s ordinary shares following the reverse
share split will be G6333L 200. The reverse share split will reduce
the number of ordinary shares outstanding from approximately 183.3
million to approximately 12.2 million post-split and will also
proportionately reduce the number of authorized ordinary shares
from 300 million to 20 million. The reverse share split will also
apply to ordinary shares issuable upon the exercise of the
Company’s outstanding restricted share units, share options, 6.500%
Exchangeable Senior Subordinated Notes due 2025 and warrants, with
a proportional increase in the respective exercise prices, as
applicable. No fractional ordinary shares will be issued in
connection with the reverse share split. Shareholders who would
otherwise be entitled to a fractional ordinary share will be
entitled to receive a proportional cash payment.
The Company’s transfer agent, Computershare, which is also
acting as the exchange agent for the reverse share split, will
provide instructions to shareholders regarding the process for
exchanging physical share certificates. Shareholders holding their
ordinary shares in book-entry form or in brokerage accounts need
not take any action in connection with the reverse share split.
Beneficial holders are encouraged to contact their bank, broker or
custodian with any procedural questions. Additional information
regarding the reverse share split can be found in the Company’s
definitive proxy statement filed with the Securities and
Exchange Commission on April 25, 2022.
About Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements include, without limitation, statements
regarding the timing and effectiveness of the reverse share split
and Iterum’s ability to satisfy the Nasdaq continued listing
standards. In some cases, forward-looking statements can be
identified by words such as “may,” “believes,” “intends,” “seeks,”
“anticipates,” “plans,” “estimates,” “expects,” “should,”
“assumes,” “continues,” “could,” “would,” “will,” “future,”
“potential” or the negative of these or similar terms and phrases.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Iterum’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking
statements include all matters that are not historical facts.
Actual future results may be materially different from what is
expected due to factors largely outside Iterum’s control, including
uncertainties inherent in the design, initiation and conduct of
clinical and non-clinical development, including the planned
additional clinical trial and non-clinical development conducted in
response to the complete response letter received by Iterum in July
2021, availability and timing of data from such clinical and
non-clinical development, changes in regulatory requirements or
decisions of regulatory authorities, the timing or likelihood of
regulatory filings and approvals, including the potential
resubmission of the new drug application for oral sulopenem,
changes in public policy or legislation, commercialization plans
and timelines, if oral sulopenem is approved, the actions of
third-party clinical research organizations, suppliers and
manufacturers, the accuracy of Iterum’s expectations regarding how
far into the future Iterum’s cash on hand will fund Iterum’s
ongoing operations including completing potential additional
clinical and non-clinical development of oral sulopenem, the impact
of COVID-19 and related responsive measures thereto, Iterum’s
ability to maintain its listing on the Nasdaq Capital Market, risks
and uncertainties concerning the outcome, impact, effects and
results of Iterum’s evaluation of corporate, strategic, financial
and financing alternatives, including the terms, timing, structure,
value, benefits and costs of any corporate, strategic, financial or
financing alternative and Iterum’s ability to complete one at all
and other factors discussed under the caption “Risk Factors” in its
Annual Report on Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”) on August 12, 2022, and other documents
filed with the SEC from time to time. Forward-looking statements
represent Iterum’s beliefs and assumptions only as of the date of
this press release. Except as required by law, Iterum assumes no
obligation to update these forward-looking statements publicly, or
to update the reasons actual results could differ materially from
those anticipated in the forward-looking statements, even if new
information becomes available in the future.
Investor Contact:Judy
MatthewsChief Financial Officer
312-778-6073IR@iterumtx.com
Iterum Therapeutics (NASDAQ:ITRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Iterum Therapeutics (NASDAQ:ITRM)
Historical Stock Chart
From Apr 2023 to Apr 2024