Allarity Therapeutics Takes Bold Actions for Nasdaq Compliance
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Allarity Therapeutics Takes Bold Actions for Nasdaq Compliance
Allarity Therapeutics, Inc. (NASDAQ: ALLR), a clinical-stage pharmaceutical company focused on personalized cancer treatments, is moving decisively to regain compliance with the Nasdaq listing requirements. This action follows a crucial meeting with the Nasdaq Hearings Panel, where the company received conditional approval for a plan to retain its listing.
Approval Strategy and Shareholder Support
In this strategic meeting, the panel approved Allarity’s proposal that involved securing shareholder consent for a reverse stock split. This measure aimed to bolster Allarity's share price and align it with Nasdaq's listing standards. The shareholders approved this plan at the Annual Meeting, paving the way for a 1-for-30 reverse stock split, which took effect early today.
Implications of the Reverse Stock Split
This reverse stock split means that for every thirty shares currently held, shareholders will now own one share. The adjustment is expected to help stabilize the company's stock price and restore confidence among investors. Thomas Jensen, CEO of Allarity Therapeutics, highlighted that this move will mitigate the risk of delisting while allowing the company to continue its important work in developing treatments for challenging cancers.
Focus on Advancing Cancer Treatments
At the heart of Allarity's mission is the development of stenoparib, a drug that targets advanced ovarian cancer patients who have limited options left. Jensen expressed that the company is committed to advancing this unique approach to precision medicine, emphasizing the promising results seen in clinical trials.
Stenoparib: A Promising Cancer Therapy
Stenoparib works by inhibiting both PARP1/2 and Tankyrase enzymes, which play a crucial role in cancer cell survival. The increasing recognition of tankyrases as therapeutic targets highlights the innovative nature of Allarity’s approach, particularly in addressing the needs of patients facing advanced cancer. The exclusive global rights for stenoparib, originally developed by Eisai Co. Ltd., position Allarity as a key player in the cancer treatment landscape.
New Developments Post-Stock Split
The completion of the reverse stock split also involves the assignment of a new CUSIP number for Allarity’s common stock, which is now 016744500. This process will adjust the total number of outstanding shares significantly, enhancing its appeal to investors while addressing Nasdaq compliance regulations. All outstanding equity awards and shares under Allarity's 2021 equity incentive plan will also undergo proportional adjustments.
Practical Steps for Shareholders
For registered stockholders, the transition to post-split shares is streamlined. Those holding shares in book-entry form will see their holdings automatically updated. Shareholders with physical certificates will receive instructions from the appointed exchange agent, Computershare Limited, to facilitate the exchange of their shares.
About Allarity Therapeutics
Allarity Therapeutics, Inc. is deeply committed to providing innovative cancer treatments. With its primary focus on advancing stenoparib, the company is utilizing its proprietary DRP® companion diagnostic to optimize patient selection for ongoing clinical trials. With operations headquartered in the U.S. and research facilities in Denmark, Allarity aims to meet significant unmet medical needs within the realm of cancer therapy.
Frequently Asked Questions
What is the main objective of the reverse stock split?
The reverse stock split aims to boost Allarity's stock price to meet Nasdaq's compliance requirements.
How does stenoparib work in treating cancer?
Stenoparib is a potent inhibitor that targets both PARP1/2 and Tankyrase enzymes, disrupting cancer cell survival mechanisms.
Who approved the reverse stock split?
Allarity’s shareholders approved the reverse stock split during the Company’s Annual Meeting.
What is the new CUSIP number for Allarity’s stock?
The new CUSIP number for Allarity’s common stock post-split is 016744500.
How will shareholders be notified about their new shares?
Registered stockholders will automatically have their shareholdings adjusted, while others will receive instructions from Computershare on how to exchange their shares.
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