SOLANA BEACH, Calif. — The Artelo Biosciences Inc. board of directors approved a 6-for-1 reverse stock split of the company’s common stock. The shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing at market open June 13. The Board of Directors determined the 6-for-1 ratio to be appropriate in order to increase the price per share of the vommon stock to meet the continued listing requirement of the Nasdaq Stock Market of a minimum of $1 per share closing bid price. The new CUSIP number for the Common Stock following the Reverse Split will be 04301G607.
As a result of the Reverse Split, each six shares of the Company’s issued and outstanding common shares automatically will be combined and converted into one issued and outstanding share. Each shareholder’s pro-rata percentage ownership will remain unchanged as a result of the reverse split and no further action is required by shareholders. All of the company’s current outstanding warrants to purchase shares of common stock and other derivatives automatically adjust per their terms to reflect the reverse split.
Immediately after the reverse split becomes effective, there will be approximately 546,667 shares of common stock issued and outstanding
About Artelo Biosciences
Artelo Biosciences Inc. is a clinical-stage pharmaceutical company dedicated to the development and commercialization of proprietary therapeutics that modulate lipid-signaling pathways. Artelo is advancing a portfolio of broadly applicable product candidates designed to address significant unmet needs in multiple diseases and conditions, including anorexia, cancer, anxiety, dermatologic conditions, pain, and inflammation. Led by biopharmaceutical executives collaborating with researchers and technology experts, the company applies leading-edge scientific, regulatory, and commercial discipline to develop high-impact therapies.
