BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI) Announces One-for-Fifteen Reverse Stock Split | Latest Updates and Strategic Moves Revealed
BrainStorm Cell Therapeutics Inc., a leading biotechnology company, has recently declared a one-for-fifteen reverse stock split of its common stock. This decision, approved by stockholders at the Annual Meeting on September 16, 2024, aims to comply with NASDAQ's minimum bid price requirement. The reverse stock split is set to take effect on September 30, 2024, at 11:59 p.m. ET, with trading on a split-adjusted basis starting on October 1, 2024.
Shareholders of BrainStorm will receive one share post-split for every fifteen shares held prior to the effective time. The company will not issue fractional shares but will provide a cash payment based on the closing trading price of the stock on the last trading day before the split. This move aligns with the company's interests and shareholder value.
In addition to the reverse stock split, BrainStorm has made significant updates to its stock incentive plans and certificate of incorporation, increasing the shared pool of shares and authorized common stock. The company is gearing up for the Phase 3b trial of NurOwn in ALS, scheduled for late 2024 or early 2025, despite a net loss in Q2 2024. BrainStorm is also exploring non-dilutive funding options and seeking commercial manufacturing partners.
Furthermore, the company's stockholders have approved the appointment of Brightman Almagor Zohar & Co. as the independent registered public accounting firm for 2024. Stay tuned for more updates on BrainStorm Cell Therapeutics Inc. and its strategic moves in the biotechnology sector.
In conclusion, BrainStorm's reverse stock split and strategic updates reflect the company's commitment to enhancing shareholder value and compliance with market regulations. Investors should keep an eye on BrainStorm's future developments and milestones, such as the Phase 3b trial of NurOwn, which could impact the company's stock performance and market position. By staying informed and understanding the implications of these changes, investors can make more informed decisions regarding their investments in BrainStorm Cell Therapeutics Inc.