DelMar Pharmaceuticals Announces Reverse Stock Split in Preparation for Proposed Senior Exchange Uplisting
- Company will host its quarterly business update conference call and webcast today at 5 PM EDT -
VANCOUVER, British Columbia and MENLO PARK, Calif., May 19, 2016 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (OTCQX: DMPI) ("DelMar" and the "Company"), today announced a 1-for-4 reverse stock split of its authorized, issued and outstanding common stock in preparation for its planned uplisting to a senior stock exchange. The Company anticipates the reverse stock split will become effective and its common stock to begin trading on a post-split basis at the open of trading on May 20, 2016.
The reverse stock split is intended to fulfill the minimum stock price requirement as part of the criteria for listing the Company's common stock on a senior stock exchange. There can be no assurance that the Company's application for listing to a senior stock exchange will be approved after the reverse stock split is completed.
"The execution of this reverse split represents an important step in achieving an essential corporate objective: Uplisting to a US senior stock exchange," said Jeffrey Bacha Chief Executive Officer and Chairman of the Board. "A senior exchange listing allows companies to attract a broader range of investors and to increase share liquidity. I, together with the rest of the Board, am pleased to be moving forward toward this important goal."
At the effective time of the 1 for 4 reverse stock split, every 4 shares of issued and outstanding DelMar common stock will be converted into one newly issued share of common stock. The number of common shares subject to DelMar's outstanding stock options, warrants and preferred shares and authorized common share capital will effectively be reduced in the same ratio as the reduction in the outstanding common shares such that the per share conversion price of those securities will be increased in direct proportion to the reverse stock split ratio. The aggregate dollar amount payable for the purchase of the shares subject to the options and warrants will remain unchanged. Any fractional common shares resulting from the reverse split will be round up to the nearest whole share. A new CUSIP will be assigned to the company's common stock after the reverse stock split becomes effective.
Shareholders of record are not required to send in their current stock certificates or evidence of book‑entry or other electronic positions for exchange. After the reverse stock split is effective, each stock certificate and book entry or other electronic position representing issued and outstanding shares of the company's common stock will be automatically adjusted. Shareholders should direct any questions concerning the reverse split to their broker or the company's transfer agent, Island Stock Transfer at (727) 289-0010.
Additional discussion of reverse stock splits can be found at "The Chairman's Blog", which can be accessed from the homepage of the DelMar Pharmaceuticals' website: www.delmarpharma.com.
CONFERENCE CALL DETAILS
DelMar plans to host a conference call today (Thursday, May 19, 2016), at 5 p.m. Eastern Time, to discuss quarterly results and provide a corporate update. For both "listen-only" participants and those who wish to take part in the question and answer portion of the call, the telephone Dial-in Number is 800‑895‑1549 (toll free) with Conference ID DELMAR. A link to the webcast and slides will be available on the IR Calendar of the Investors section of the Company's website at www.delmarpharma.com and will be archived for 30 days.
About DelMar Pharmaceuticals, Inc.
DelMar Pharmaceuticals, Inc. was founded to develop and commercialize new cancer therapies in indications where patients are failing or have become intolerable to modern targeted or biologic treatments. The Company's lead drug in development, VAL-083, is currently undergoing clinical trials in the U.S. as a potential treatment for refractory glioblastoma multiforme. VAL-083 has been extensively studied by U.S. National Cancer Institute, and is currently approved for the treatment of chronic myelogenous leukemia and lung cancer in China. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action that could provide improved treatment options for patients.
For further information, please visit http://delmarpharma.com/; or contact DelMar Pharmaceuticals Investor Relations: firstname.lastname@example.org / (604) 629-5989. Connect with the Company on Twitter, LinkedIn, Facebook, and Google+.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
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SOURCE DelMar Pharmaceuticals, Inc.
Released May 19, 2016