BrainStorm announces reverse stock split By Investing.com

BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI), a biotechnology company specializing in biological products, has announced a one-for-fifteen reverse stock split of its common stock. The board’s decision, made on Thursday, September 26, 2024, follows the authorization granted by stockholders at the Annual Meeting held on September 16, 2024, to amend the Certificate of Incorporation to effect a reverse stock split.

The reverse stock split is scheduled to take effect on September 30, 2024, at 11:59 p.m. ET, with the common stock trading on a split-adjusted basis when the market opens on October 1, 2024. The company’s ticker symbol, BCLI, will remain unchanged, although it will be assigned a new CUSIP number, 10501E 300.

For every fifteen shares of BrainStorm’s common stock held prior to the effective time, shareholders will receive one share post-split. The company has stated that no fractional shares will be issued. Instead, shareholders who would otherwise hold a fraction of a share will receive a cash payment based on the closing trading price of the stock on the last trading day before the effective time, adjusted for the reverse split.

This strategic move comes as part of BrainStorm’s efforts to regain compliance with NASDAQ’s minimum bid price requirement. The Delaware-incorporated company, with its principal executive offices located in New York, NY, has emphasized that the reverse stock split is aligned with the interests of the company and its shareholders.

In other recent news, Brainstorm Cell Therapeutics (NASDAQ:) Inc. has announced significant updates, including amendments to its stock incentive plans and certificate of incorporation, as well as the election of directors. The company has increased the shared pool of shares under its 2014 Stock Incentive Plan and 2014 Global Share Option Plan by 8 million shares, raising the total to 13.6 million shares. Also, the company’s certificate of incorporation was amended to increase the number of authorized shares of common stock from 100 million to 250 million.

Further, Brainstorm has reported readiness for the Phase 3b trial of NurOwn in Amyotrophic Lateral Sclerosis (ALS), set for late 2024 or early 2025. Despite a net loss of $2.5 million in Q2 2024, the company maintains its focus on reducing production costs. Brainstorm is also actively exploring non-dilutive funding options and is in discussions with potential commercial manufacturing partners.

Lastly, the company’s stockholders ratified the appointment of Brightman Almagor Zohar & Co., a member of the Deloitte Global Network, as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

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