SOUTH SAN FRANCISCO, Calif.,
Nov. 30, 2020 /PRNewswire/ -- Titan
Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the "Company")
today announced that its Board of Directors has approved a 1-for-30
reverse stock split of the Company's common stock, which will be
effective at 5:00 p.m. Eastern Time on
Monday, November 30, 2020. The Company's stockholders
approved the reverse stock split at a Special Meeting of
Stockholders on November 30, 2020.
The Company's shares will begin trading on a split-adjusted basis
on the Nasdaq Capital Market commencing upon market open on
December 1, 2020.
As a result of the reverse split, each 30 shares of the
Company's issued and outstanding common stock will be automatically
combined and converted into one issued and outstanding share of
common stock, par value $0.001 per
share. The Company will not issue any fractional shares in
connection with the reverse stock split. Instead, the number of
shares will be rounded up to the next whole number. The reverse
stock split will not modify the rights or preferences of the common
stock.
Immediately after the reverse split becomes effective, there
will be approximately 6.6 million shares of common stock issued and
outstanding. The common shares will trade under a new CUSIP number,
888314606, effective December 1,
2020, and continue to trade under the symbol "TTNP." All
stock options and warrants of the Company outstanding immediately
prior to the reverse stock split have been proportionally
adjusted.
The Company has appointed its transfer agent, Continental Stock
Transfer & Trust Company ("Continental"), to act as exchange
agent for the reverse stock split. Stockholders owning shares via a
bank, broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split and will
not be required to take further action in connection with the
reverse stock split, subject to brokers' particular processes.
Continental can be reached at (917) 262-2378.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP), based in
South San Francisco, CA, is a
development stage company developing proprietary therapeutics with
its ProNeura® long-term, continuous drug delivery technology. The
ProNeura technology has the potential to be used in developing
products for treating a number of chronic conditions, where
maintaining consistent, around-the-clock blood levels of medication
may benefit the patient and improve medical outcomes. For more
information about Titan, please visit www.titanpharm.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to our
product development programs and any other statements that are not
historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results,
financial condition and stock price. Factors that could cause
actual results to differ materially from management's current
expectations include those risks and uncertainties relating to our
ability to raise capital, the winding down of U.S. commercial
activities related to Probuphine, the regulatory approval process,
the development, testing, production and marketing of our drug
candidates, patent and intellectual property matters and strategic
agreements and relationships. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
CONTACTS:
Stephen Kilmer
Investor Relations
(650) 989-2215
View original content to download
multimedia:http://www.prnewswire.com/news-releases/titan-pharmaceuticals-announces-reverse-stock-split-301181721.html
SOURCE Titan Pharmaceuticals, Inc.