Tharimmune, Inc. (NASDAQ:THAR) ("Tharimmune" or the "Company"), a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory, and oncologic conditions announced today that it will effect a 1-for-25 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split was previously approved by Tharimmune stockholders at the Annual Meeting of Stockholders held on October 23, 2023, with the final ratio determined by the Company's Board of Directors. The reverse stock split will become effective at 4:01 p.m. Eastern time on November 20, 2023. Commencing with the opening of trading on The Nasdaq Capital Market ("Nasdaq") on November 21, 2023, the Company's common stock will trade on a post-split basis under its existing trading symbol "THAR."
Following the reverse stock split, the CUSIP number for the Company's common stock will be 432705200. As a result of the reverse stock split, every 25 shares of issued and outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after the reverse stock split becomes effective, the Company will have approximately 700,474 shares of common stock issued and outstanding. In addition, a proportionate adjustment will be made to outstanding equity-based awards and other equity rights.
The reverse stock split is primarily intended to bring the Company into compliance with Nasdaq's $1.00 per share minimum bid price requirement for continued listing; however, no assurance can be given that such reverse stock split will enable the Company to regain compliance with the Nasdaq minimum bid price requirement.
About Tharimmune, Inc.
Tharimmune, Inc. is a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory, and oncologic diseases. The Company has acquired an exclusive worldwide license for a clinical-stage asset, known to suppress chronic, debilitating pruritis or "uncontrollable itching" in PBC, a rare and orphan liver disease with no known cure. The Company's early-stage immuno-oncology pipeline includes novel multi-specific antibodies targeting unique epitopes with novel mechanisms of action against well-known, validated targets in multiple solid tumors. Tharimmune has a license agreement with OmniAb, Inc. to access the company's antibody discovery technology platform against specified targets.
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