BioXcel Therapeutics Announces Reverse Stock Split

NEW HAVEN, Conn., Feb. 06, 2025 (GLOBE NEWSWIRE) -- BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience, today announced that it will effect a 1-for-16 reverse stock split of its common stock. The reverse stock split will become effective at 5:00 p.m. Eastern Time on February 7, 2025, with the company’s common stock expected to begin trading on a split-adjusted basis at the opening of the market on Monday, February 10, 2025.

Following the reverse stock split, the company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "BTAI" with the new CUSIP number, 09075P204. The reverse stock split is part of the company's plan to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.

Fractional shares will not be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share will be entitled to receive a cash payment. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's relative interest in the company's equity securities, except for any adjustments for fractional shares.

In addition, proportionate adjustments will be made to the number of shares underlying, and the exercise or conversion prices of, the company's outstanding stock options, and to the number of shares of common stock issuable under the company's equity incentive plans.

The reverse stock split was approved by the company's stockholders at a special meeting, held on January 28, 2025, to be effected at the discretion of the Board of Directors with a ratio within the range of not less than 1-for-5 and not more than 1-for-30. Subsequently, the Board of Directors approved the reverse stock split at a ratio of 1-for-16. As a result of the reverse stock split, every 16 shares of the company's common stock issued and outstanding will be automatically converted into one share of common stock, with no change in the $0.001 par value per share or authorized number of shares of common stock.