Arch Announces One for Two-Hundred Reverse Stock Divided in Connection With Application for Uplisting at a National Exchange
FRAMINGHAM, Mass., January 17, 2023 (GLOBE NEWSWIRE). Arch Therapeutics, Inc. (OTCQB ARTH) (“Arch”), a marketer, developer, and marketer of innovative self-assembling wound care products and biosurgical products, announced today that it will implement a 1-for-20 reverse stock split of its authorized common stock, which will take effect at 5:00 p.m. EST on January 17, 2023. Arch’s common stock will continue to trade on the OTCQB under the symbol “ARTHD” and under a new CUSIP number, 03939W 208. Arch’s common stock will begin trading on a reverse stock split-adjusted basis on the OTCQB when the market opens on January 18, 2023.
The reverse stock split was implemented by the Company in connection with its application to uplist the Company’s common stock to a national exchange. The reverse stock split is intended to fulfill the stock price requirements for initial listing on a national exchange.
Each two hundred presplit share of commonstock that is still outstanding and authorized for the reverse stock splitting will automatically be combined into one new share without shareholders having to take any action. After the reverse stock splitting, the number and number of shares of commonstock issued and outstanding will decrease from 249 936370 to about 1,249 682 and the number and number of authorized common stock shares will increase to 12,000,000.
In connection with the reverse stock splitting, no fractional shares will ever be issued. The reverse stock split will result in fractional shares of common stock being rounded up to the closest whole share. No shareholders will receive cash instead of fractional shares. The reverse stock split will also apply to common stock issuable upon the conversion of Arch’s outstanding convertible notes and the exercise of Arch’s outstanding warrants, restricted stock units, and stock options, with adjustments to the conversion prices and exercise prices thereof as required by the terms of those securities.
On September 29, 2022, the Company’s shareholders approved the reverse stock split and granted the Company’s board of directors discretionary authority to select a ratio for the split ranging from 1-for-100 to 1-for-200 as well as the increase in authorized shares by 300%. The reverse stock split was approved by the board of directors at a ratio 1 for 200 and 300% respectively. It will take effect on January 17, 2023.
Empire Stock Transfer Inc. will act as an exchange agent. The reverse stock split is not applicable to shareholders who have their shares in brokerage accounts or book-entry forms. Any questions about the procedure should be directed to the custodian, broker, or bank.
ARCH
Arch, a biotechnology company based in Framingham (Massachusetts), has a unique approach to manage wounds after surgery, trauma and interventional care. Arch is developing new wound care and biosurgical products using a unique self-assembling peptide platform. The goal is to improve patient healing. Arch received regulatory approval to market AC5® Advanced Wound System (USA and AC5)® Topical Hemostat is available in Europe Arch’s pipeline of products in development includes AC5–GTM, which is used to endoscopically remove gastrointestinal tumors. AC5–V is Arch’s flagship product.® AC5 Surgical Hemostat is used for general surgery hemostasis and vascular surgery hemostasis.1,2
Visit this site for more information www.archtherapeutics.com or follow us on Twitter at @ARTHinc, Instagram And Linkedin.
A NOTICE REGARDING FORWARDLOOKING STATEMENTS
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical and which include statements about beliefs, plans, expectations, and intentions for the future. Forward-looking statements can include, for example, the implementation and possible uplisting of our common stock to national exchanges. Due to many factors, actual results may differ from what is projected in forward-looking statements. These forward-looking remarks are made as of this news release. We assume no obligation or responsibility to revise the forward looking statements. We believe the beliefs, plans and expectations expressed in this press release are reasonable. However, it is impossible to guarantee that such beliefs, plans or expectations will be realized. Investors should read all information in this press release. They should also consult the SEC reports and other documents regarding risk factors. www.sec.gov.
1 AC5G, AC5V and AC5 Surgical Hemostat currently have investigational limitations.
2 Arch Therapeutics, Inc., and/or its affiliates, are trademarks or registered trademarks for AC5, AC5–G, AC5–V, and any associated logos.
CONTACTS
ARTH Investor Relations
Toll-free: +1.855.340.ARTH (2784) USA and Canada
Email: [email protected]
Website: www.archtherapeutics.com
Michael Abrams
Chief Financial Officer
Arch Therapeutics, Inc.
Phone: 617.431.2333
Email: [email protected]
