GERMANTOWN, Md., Jan. 06, 2017 (GLOBE NEWSWIRE) -- Neuralstem, Inc. (Nasdaq:CUR), a biopharmaceutical company focused on the development of central nervous system therapies based on its neural stem cell technology, today announced a reverse stock split of its shares of common stock at a ratio of 1-for-13. The reverse stock split will become effective on Friday, January 6, 2017 after market close and shares of Neuralstem Inc. common stock will trade on a post-split basis on the Nasdaq Capital Market under the Company’s existing trading symbol, “CUR,” at the market open on Monday, January 9, 2017.
The reverse stock split enables Neuralstem to regain compliance with the $1.00 minimum bid price condition and thereby fulfill all of the NASDAQ Capital Market continued listing requirements.
“The reverse split along with the recent $20 million strategic investment has increased our shareholder equity, strengthened our capital structure, and allows us to satisfy all the Nasdaq listing requirements,” commented Rich Daly, Chairman and CEO, Neuralstem. “Over the last year we have continued to execute on the new operational and clinical strategy to help increase shareholder confidence and interest in Neuralstem. We look forward to focusing on providing our Phase 2 MDD clinical trial results this year.”
At the effect time of the reverse stock split, every thirteen (13) shares of Neuralstem common stock will be combined into one (1) share of common stock. This will reduce the Company’s issued and outstanding common stock from approximately 143,427,149 million shares to approximately 11,032,858 million shares. Fractional shares will be rounded up to the nearest whole share and proportional adjustments will be made to the Company's outstanding stock options, warrants and equity incentive plans. The reverse stock split will not materially affect any stockholder's ownership percentage of the Company's common stock.
Additional information regarding Neuralstem Inc.’s reverse stock split is available in the definitive proxy statement, filed August 1, 2016, and the Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.
About Neuralstem
Neuralstem’s patented technology enables the commercial-scale production of multiple types of central nervous system stem cells, which are being developed as potential therapies for multiple central nervous system diseases and conditions.
