Akers Biosciences, Inc. Announces One-for-Twenty Four Reverse Stock Split
THOROFARE, N.J., Nov. 22, 2019 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ: AKER), (“Akers Bio” or the "Company"), a developer of rapid health information technologies, today announced that effective at 8:00 a.m. eastern standard time on Monday, November 25, 2019, the Company will effect a reverse stock split of its issued and outstanding common stock of no par value at a ratio of one (1) share of common stock for every twenty four (24) shares of common stock. As a result of the reverse stock split, every twenty four of the Company’s issued and outstanding shares of common stock will be automatically converted into one share of common stock.
The reverse stock split will have the effect of reducing the number of issued and outstanding shares of common stock and the number of authorized shares of common stock at a ratio of one-for-twenty four. The shares of common stock underlying the Company’s outstanding stock options and warrants will be similarly reduced and their respective exercise prices correspondingly increased. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Fractional shares will not be issued as a result of the reverse stock split; instead, the Board of Directors determined to effect an issuance of shares to holders that would otherwise be entitled to a fractional share such that any fractional shares will be rounded up to the nearest whole number.
The Company's common stock will continue to trade on the Nasdaq Capital Market under the stock ticker "AKER" but will trade under the new CUSIP number 00973E409.
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer