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Aeglea BioTherapeutics, Inc. ("Aeglea") (NASDAQ:AGLE), a biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform the treatment of inflammatory bowel disease ("IBD"), today announced it will effect a reverse stock split of all outstanding shares of Aeglea's common stock at a ratio of 1-for-25. Aeglea expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market as of the commencement of trading on September 8, 2023.
The reverse stock split was approved by stockholders during the annual meeting of stockholders on June 6, 2023 and by Aeglea's Board of Directors. The reverse stock split is intended to enable the company to meet minimum Nasdaq listing price per share requirements.
Aeglea's common stock will continue to trade on the Nasdaq Capital Market under the symbol "AGLE" following the reverse stock split. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. After the reverse stock split, the number of authorized shares of common stock will be reduced from 500 million to 20 million.
Aeglea's transfer agent, Equiniti Trust Company, LLC ("EQ"), is acting as the exchange agent for the reverse stock split. Additional information concerning the reverse stock split can be found in Aeglea's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC") on April 17, 2023, which can also be found on Aeglea's investor website. Registered holders are encouraged to contact EQ and beneficial holders are encouraged to contact their bank, broker or other nominee with any questions.
Posted In: AGLE
