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AUSTIN, Texas, July 29, 2019 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today announced that the Company has officially changed its name from “Cytori Therapeutics, Inc.” to “Plus Therapeutics, Inc.” and the ticker symbol for the Company’s common stock on the Nasdaq Capital Market will change from “CYTX” to “PSTV”. The ticker symbol for the Company’s Series S Warrants will change from “CYTXZ” to “PSTVZ”. Trading under the new ticker symbols will begin at the open of the market on Monday, July 29, 2019. In addition, a new CUSIP number, 72941H103, has been assigned to the Company’s common stock and the new CUSIP number assigned to the Company’s Series S Warrants is 72941H111.
No actions are needed from Plus Therapeutics’ current shareholders relative to the ticker symbol or CUSIP changes.
Additionally, the Company intends to effect a 1-for-50 reverse stock split to become effective on August 5, 2019, and the Company’s common stock is expected to commence trading on a post-split basis beginning on August 6, 2019. The Company received the requisite stockholder approval for the reverse stock split on July 11, 2019. The new CUSIP number for the Company’s common stock after the reverse stock split will be 72941H400.
The reverse stock split will automatically combine every 50 shares of the Company’s common stock into one issued and outstanding share without any change in the par value of the shares. Following the reverse stock split, the number of outstanding shares of the Company’s common stock is anticipated to be proportionally reduced from approximately 22.2 million to approximately 0.4 million.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of the Company’s common stock that would have otherwise resulted from the reverse stock split will be rounded up to the nearest whole share. Outstanding equity awards and the shares available for future grant under the Company’s Amended and Restated 2004 Equity Incentive Plan, 2011 Employee Stock Purchase Plan, 2014 Amended and Restated Equity Incentive Plan and 2015 New Employee Incentive Plan will be proportionately reduced (rounded down to the nearest whole share), and the exercise prices of outstanding equity awards will be proportionately increased (rounded up to the nearest whole cent) to give effect to the reverse stock split. The Company’s common stock will continue to trade on a post-split basis under the trading symbol “PSTV”.
As previously announced, the Company is required to evidence compliance with Nasdaq’s minimum bid or closing price requirement by August 26, 2019. Although the Company expects that the reverse stock split will enable the Company to comply with the Nasdaq listing and minimum bid price requirement, there can be no assurance that the Company will be able to regain such compliance. Delisting from the Nasdaq Capital Market could have a material adverse effect on the Company’s business and on the trading of its common stock.
About Plus Therapeutics, Inc.
Plus Therapeutics is a clinical-stage pharmaceutical company focused on making a positive impact on patients’ lives and adding value to the healthcare system. We are a Nasdaq-listed company with our company headquarters located in Austin, TX. We also have a manufacturing facility in San Antonio, TX and a satellite office in San Diego, CA.
The lead product candidate in our pipeline, DocePLUS, is being developed in the U.S. by a dedicated and energetic team of biologists, chemists, engineers, and other professionals. This diverse and experienced team is using our proprietary and versatile nanotechnology platform in an effort to reformulate and improve conventional, workhorse chemotherapeutics to provide meaningful benefits to patients and healthcare providers. The platform also serves as the foundation and affords us the opportunity in the future to develop additional drugs for oncology and other therapeutic areas.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws. All statements, other than statements of historical fact, that address activities, events or developments that we intend, expect, project, believe or anticipate and similar expressions or future conditional verbs such as will, should, would, could or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These statements include, without limitation, statements about the timing of the commencement of trading under the Company’s new ticker symbol, the timing of the Company’s reverse stock split, the ability of the Company to comply with Nasdaq’s minimum bid or closing price requirement, and the Company’s opportunity to develop additional drugs for oncology and other therapeutic areas. The forward-looking statements included in this press release are subject to a number of additional material risks and uncertainties, including but not limited to the risks described under the “Risk Factors” in the company’s Securities and Exchange Commission filings, included in the company’s annual and quarterly reports. There may be events in the future that the company is unable to predict, or over which it has no control, and its business, financial condition, results of operations and prospects may change in the future. The company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the company has an obligation under U.S. Federal securities laws to do so.
Source: Plus Therapeutics, Inc.