Sigyn Therapeutics Announces Reverse Stock Split
SAN DIEGO, CA, Jan. 30, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sigyn Therapeutics, Inc. (“Sigyn” or the “Company”) (OTCQB: SIGY), a development-stage medical technology company, today announced that a 1-for-40 reverse split of its common stock will be implemented tomorrow, January 31, 2024. As a result, the Company’s common stock will trade on a post-split basis at the beginning of the trading day on January 31st under its existing trading symbol “SIGY.” The CUSIP number for the common stock following the reverse stock split will be 82674U205.
The reverse stock split is intended to increase the market price per share of the Company’s common stock to gain compliance with the minimum bid listing requirement of The Nasdaq Capital Market in connection with the Company’s pending application for listing. Proportionate adjustments will be made to the conversion and exercise prices of the company’s warrants, restricted stock unit awards, stock options and to the number of shares issued and issuable under the Company’s equity incentive plans.
The proposed listing application has been submitted to Nasdaq, but it has not yet been approved. There can be no assurance that the listing application will be approved and there remain additional requirements which must be satisfied prior to any approval decision.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each forty 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. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s relative interest in the Company’s equity, except to the extent that the reverse stock split would have resulted in a stockholder owning a fractional share. Holders of common stock otherwise entitled to a fractional share as a result of the reverse stock split will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share. The reverse stock split will not change the par value of the common stock or modify the rights or preferences of the common stock. The Company’s transfer agent, VStock Transfer, LLC, will maintain the book-entry records for the Company’s common stock. Registered stockholders holding pre-split shares of the Company’s common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to such broker’s particular processes, and will not be required to take any action in connection with the reverse stock split. VStock Transfer, LLC can be reached at (212) 828-8436 or (855) 987-8625.
About Sigyn Therapeutics™
Sigyn Therapeutics is a development-stage medical technology company headquartered in San Diego, California. The Company’s therapeutic candidates are designed to overcome clearly defined limitations in healthcare. These include the ImmunePrepTM platform, ChemoPrepTM, ChemoPureTM, and Sigyn TherapyTM.
ImmunePrepTM is a development-stage commercialization platform to enhance and extend the performance of immunotherapeutic antibodies, which account for nine of the top 15 best-selling cancer treatment drugs. ChemoPrepTM is designed to optimize the delivery of chemotherapy, the most commonly administered drug to treat cancer, while ChemoPureTM extracts off-target chemotherapy from the bloodstream to reduce patient toxicity.
Sigyn TherapyTM is a novel blood purification technology being advanced to treat pathogen-associated inflammatory disorders. To date, in vitro studies have demonstrated the ability of Sigyn TherapyTM to reduce the circulating prevalence of twelve different pathogen and inflammatory disease targets from human blood plasma. Based on these outcomes, candidate treatment indications include community-acquired pneumonia, endotoxemia, drug resistant viral and bacterial infections, and sepsis, the leading cause of hospital deaths in the United States. First-in-human feasibility studies of Sigyn TherapyTM plan to enroll end-stage renal disease (ESRD) patients with endotoxemia and concurrent inflammation, which are highly prevalent and associated with increased mortality in the ESRD population.
To learn more about Sigyn Therapeutics, visit: www.SigynTherapeutics.com
Cautionary Note Regarding Forward-Looking Statements
This information in this press release contains forward-looking statements of Sigyn Therapeutics, Inc. (“Sigyn”) that involve substantial risks and uncertainties. All statements contained in this summary are 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 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," "potentially" or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. These forward-looking statements are based upon Sigyn's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Factors that may contribute to such differences may include, without limitation, the Company's ability to clinically advance Sigyn Therapy in human studies required for market clearance, the Company's ability to manufacture Sigyn Therapy, the Company's ability to raise capital resources, and other potential risks. The foregoing list of risks and uncertainties is illustrative but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's other filings with the Securities and Exchange Commission, including its quarterly Reports on Form 10-Q. All forward-looking statements contained in this report speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.
Released January 30, 2024