Kiromic BioPharma, a clinical-stage fully-integrated biotherapeutics company using its proprietary DIAMOND artificial intelligence and data mining platform to develop cell therapies with a focus on immune-oncology, announces that it will effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-30 effective as of 4:01 p.m. Eastern Time today, March 10, 2023. Kiromic common stock will begin trading on a split-adjusted basis when the market opens on March 13, 2023 under the existing trading symbol KRBP. As a result of the reverse stock split, the CUSIP number for the Company’s common stock will now be 497634204. The reverse stock split was previously approved by Kiromic stockholders at the Special Meeting of Stockholders held on March 7, 2023, with the final ratio determined by the Company’s Board of Directors.
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Upon effectiveness of the reverse stock split, every 30 shares of Kiromic common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock. Outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted. No fractional shares will be issued as a result of the reverse stock split. Immediately after the reverse stock split becomes effective, the Company will have approximately 966,758 shares of common stock issued and outstanding. Stockholders of record otherwise entitled to receive a fractional share as a result of the reverse stock split will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share.
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The reverse stock split is primarily intended to bring the Company into compliance with Nasdaq’s minimum bid price requirement.
“In addition to regaining compliance with Nasdaq’s continued-listing requirements, our shareholder-approved reverse stock split may make our stock more attractive to institutional investors and other members of the investing public, thereby providing for a stronger and more diverse investor base,” commented Pietro Bersani, Chief Executive Officer of Kiromic.
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