Edesa Biotech Announces One-for-Seven Reverse Share Split
TORONTO, ON / ACCESSWIRE / October 10, 2023 / Edesa Biotech, Inc. (NASDAQ:EDSA) ("Edesa" or the "Company"), a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, today is announcing that it intends to effect …
TORONTO, ON / ACCESSWIRE / October 10, 2023 / Edesa Biotech, Inc. (NASDAQ:EDSA) ("Edesa" or the "Company"), a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, today is announcing that it intends to effect a one-for-seven reverse share split of its common shares. The Company's common shares will continue to be traded on The Nasdaq Capital Market under the symbol "EDSA" and will begin trading on a post-reverse split basis when the market opens on Wednesday, October 11, 2023, under a new CUSIP number, 27966L306.
As a result of the reverse share split, every seven shares of Edesa common shares will be combined into one common share. The reverse share split, known as a share consolidation under applicable British Columbia law, does not affect any shareholder's ownership percentage of the Company's common shares or proportional voting power, except to the extent that the share consolidation would result in any fractional shares. No fractional shares will be issued, and any fraction will be rounded to the nearest whole share in accordance with the Business Corporations Act (British Columbia).
Information for Shareholders
Shareholders owning pre-split shares via a broker, bank or other nominee will have their positions automatically adjusted to reflect the share consolidation, subject to such broker's particular
processes, and will not be required to take any action in connection with the share consolidation. Similarly, registered shareholders holding shares electronically in book-entry form do not need to
take any action. Edesa's transfer agent, Computershare Investor Services Inc., will instruct any shareholders with paper certificates on the exchange process. Proportionate adjustments will be made
to the exercise prices of the Company's outstanding share options and warrants and to the number of shares issued and issuable under the Company's existing incentive compensation plan. Registered
shareholders may direct questions to Computershare by telephone at 1-800-564-6253 or by email at corporateactions@computershare.com.
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About Edesa Biotech, Inc.
Edesa Biotech, Inc. (NASDAQ:EDSA) is a clinical-stage biopharmaceutical company developing innovative ways to treat
inflammatory and immune-related diseases. The Company's most advanced drug candidate is EB05 (paridiprubart), a monoclonal antibody developed for acute and chronic disease indications that involve
dysregulated innate immune responses. Edesa is currently evaluating EB05 in a Phase 3 study as a potential treatment for Acute Respiratory Distress Syndrome (ARDS), a life-threatening form of
respiratory failure. In addition, Edesa is developing an sPLA2 inhibitor, EB01 (daniluromer), as a topical treatment for chronic Allergic Contact Dermatitis (ACD), a common occupational skin
condition. The Company has also received regulatory approval to conduct a Phase 2 trial its EB06 monoclonal antibody as a treatment for vitiligo, a life-altering autoimmune disease that causes skin
to lose its color in patches. Edesa is also planning to file an investigational new drug application for a future Phase 2 study of paridiprubart for systemic sclerosis (scleroderma), an autoimmune
rheumatic disorder that causes fibrosis, (scarring/hardening) of skin and internal organs such as the lungs, heart and kidneys. Sign up for news alerts. Connect with us on Twitter and LinkedIn.