Empowering Shareholders: A Call to Action
Dear Shareholders,
At TransCode Therapeutics, Inc., we are reaching out to you with an urgent and important message regarding the future of our company. As we navigate through challenging times in the biotech sector, your voice and vote are crucial to our path ahead.
Our upcoming special meeting is not just a routine event; it is a pivotal moment for us all. Your participation is vital as we propose a reverse stock split to address the requirements for our NASDAQ listing. Understanding the implications of this proposal and casting your vote ahead of the approaching deadline is essential.
Understanding the Proposal
The Need for a Reverse Stock Split
As we work diligently to advance our lead asset, TTX-MC138, we have been fortunate to secure financing despite facing aggressive challenges in our industry. We recently completed two financings that will support our operations and clinical trials into the foreseeable future.
However, to sustain our efforts, additional capital will be needed soon. The current market landscape has posed significant hurdles in securing financing, highlighted by numerous biotech firms grappling with similar difficulties. TransCode is no exception, yet our strategic decisions have directed us toward opportunities that many companies have missed.
Importance of Maintaining NASDAQ Listing
Unfortunately, our stock price currently rests below the required threshold for NASDAQ listing. The importance of remaining listed cannot be overstated; it provides us the platform needed to attract further investments that can propel our clinical programs. Achieving a closing bid price of $1.00 is crucial by the set deadline, and the reverse split must be approved for us to reach that milestone.
If approved, we will only enact the reverse split should our stock price fail to close above $1.00 as per the required timing. Your understanding and support are essential for making this a viable path forward.
Exploring Financial Alternatives
Efforts Towards Non-Dilutive Funding
In conjunction with market efforts, we are actively pursuing non-dilutive funding opportunities to bolster our financial standing. Just recently, we secured a grant of $2M from the NIH, which will significantly aid in our operational needs. Additional applications for non-dilutive funding are currently under review, and we remain hopeful about their outcomes.
We are also pursuing strategic partnerships that could provide avenues for collaboration, resource sharing, and further financial stability. Each decision is rooted in our commitment to minimize the impact on shareholder value.
Act Now for a Brighter Future
We urge each shareholder to vote in favor of the reverse stock split proposal. Every vote counts, and it is vital that your voice is heard prior to the deadline. If you’re holding shares through a financial institution, please ensure you obtain your control number to participate in this vital process.
Your investment in TransCode Therapeutics reflects your trust and belief in our mission. We strive to develop innovative therapies that have the potential to transform the landscape of cancer treatment. Your support empowers us to face these challenges head-on and strive toward achieving meaningful results that extend beyond our immediate objectives.
We are committed to keeping you informed as we progress through these turbulent times. Together, we can foster a future filled with promise and innovation.
Thank you for your continued investment and for being an integral part of the TransCode journey.
Sincerely,
Philippe Calais, PharmD, PhD
Thomas A. Fitzgerald
Chairman
Interim Chief Executive Officer; CFO
Frequently Asked Questions
What is the purpose of the reverse stock split?
The reverse stock split is designed to increase the share price to meet NASDAQ listing requirements, which is crucial for securing future capital.
When is the voting deadline?
You must cast your vote by 11:59 pm on the specified date to ensure it is counted.
How will the reverse stock split affect my shares?
Shareholders will retain the same total value of their investment, as the number of shares will decrease while the share price is expected to increase proportionally.
What are the company’s strategies for raising additional capital?
We are actively pursuing both market financing and non-dilutive funding avenues, including grants and strategic partnerships, to secure needed capital.
How can I participate in the voting process?
If your shares are held through a financial institution, contact your representative for the control number needed to vote online or by phone.
