At SK bioscience, we are dedicated to promoting global health and wellbeing from prevention to cure. Through our cutting-edge vaccine development technologies, we are standing at the forefront of pandemic preparedness, striving to ensure equitable access to vaccines for all. We are collaborating with governments, regulatory agencies, healthcare providers and medical experts to develop and manufacture globally certified products of the highest quality. Our passionate team is committed to providing life-saving vaccines to those who need them and innovative public healthcare solutions.
At its Annual General Meeting of Shareholders on December 21, 2022, the Company’s shareholders granted the Board of Directors the authorization to undertake a 1-for-10 reverse stock split. On January 6, 2023, the Board of Directors officially approved the reverse split, which is set to take effect on January 23, 2023. This split will involve consolidating 10 Class A Ordinary Shares, with a par value of US$1.00 per share, into 1 Class A Ordinary Share with a par value of US$10.00 per share, and every 10 Class B Ordinary Shares, also with a par value of US$1.00 per share, into 1 Class B Ordinary Share with a par value of US$10.00 per share.
The Company’s Board of Directors took the bold step of implementing a reverse stock split in order to regain compliance with the Nasdaq Global Market’s $1.00 minimum bid price requirement by May 16, 2023. Although there is no guarantee of success, this strategy aims to ensure that the closing bid price of the Company’s Class A Ordinary Shares is at least $1.00 per share for a minimum of 10 consecutive business days prior to the deadline.
The Company’s Class A Ordinary Shares will remain listed on the NASDAQ under the symbol “APM,” with a post-reverse stock split CUSIP number of G6096M 114. Investors can continue to trade these shares to take advantage of the potential growth opportunities they present.
As a result of the reverse stock split, each 10 shares of the Company’s issued and outstanding Class A Ordinary Shares will be converted into a single share of Class A Ordinary Shares. Any fractional shares of common stock that would be created during the split will be rounded up to the nearest whole share.
About Aptorum Group
Aptorum Group Limited is a clinical stage biopharmaceutical company that seeks to revolutionize the treatments of diseases with unmet medical needs, particularly in oncology, autoimmune and infectious diseases. Through their cutting-edge drug discovery platforms, Aptorum has developed two phase I clinical trials – ALS-4 (MRSA) and SACT-1 (Neuroblastoma) – and is also commercializing their NLS-2 NativusWell® nutraceutical (menopause). In addition, Aptorum is also co-developing and validating a novel molecular-based rapid pathogen identification and detection diagnostics technology with Singapore’s Agency for Science, Technology and Research.