Phio Pharmaceuticals Corp., a clinical stage biotechnology company, is taking a bold step forward with its INTASYL™ RNAi platform technology. On January 26, 2023, the Company’s Board of Directors has authorized a reverse stock split of its shares of common stock at a ratio of 1-for-12, making it easier for investors to purchase the stock and boosting its value. At 12:01 am Eastern Time on January 26, the stock will be available for trading with a new CUSIP number, 71880W402, under the existing trading symbol, “PHIO”. With this step, Phio is making it easier for investors to buy into their groundbreaking technology and potentially reap the rewards of their success.
The Company is taking a bold step to maintain its listing on The Nasdaq Capital Market by executing a reverse stock split. This move will increase the per share trading price of the Company’s common stock, ensuring it meets the minimum $1.00 bid price requirement for continued listing.
At the effective time of the reverse stock split, every twelve (12) shares of Phio common stock issued and outstanding will be transformed into a single (1) share, without altering its par value of $0.0001 per share. This remarkable move will reduce the total number of outstanding Phio common stock from 13.7 million shares to a mere 1.1 million. All stockholders will be treated uniformly and won’t experience any alterations in their percentage interest in the Company’s common stock, save for adjustments that may arise from fractional shares. As a result, cash payments will be issued instead of fractional shares. The underlying equity awards and warrants will also be adjusted accordingly.
Phio has enlisted Computershare Trust Company, N.A. as its exchange agent for the reverse split. For those shareholders holding their stock in certificate form, Computershare will provide instructions on how to exchange their certificates. If you are a shareholder with shares held in book-entry form or through a brokerage account, you won’t need to take any action as the impact of the reverse stock split will be automatically reflected in your accounts. For beneficial holders of Phio common stock, please contact your bank, broker, custodian, or other nominee to find out more about their procedures for processing the reverse stock split.
About Phio Pharmaceuticals
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is revolutionizing the fight against cancer with its unique INTASYL™ RNAi technology. This proprietary technology is designed to supercharge the body’s own immune cells to more effectively destroy tumor cells, without the need for complex drug delivery systems. INTASYL is the only self-delivering RNAi technology providing an innovative approach to immuno-oncology therapeutics.