TORONTO, ON, July 18, 2022 (GLOBE NEWSWIRE) — Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the “Company”), a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests, today announced that the Company has filed articles of amendment, to effect the previously announced share consolidation (or reverse stock split) (the “Consolidation”) of its issued and outstanding common shares (the “Common Shares”) on the basis of one post-Consolidation Common Share for every twenty-five pre-Consolidation Common Shares.
Aeterna expects that the price of its Common Shares will reflect the Consolidation by July 21, 2022, marking a positive outcome for the Company as it works to further its development pipeline. Aeterna’s board of directors also thanks all shareholders for their support of the Consolidation initiative.
The Consolidation will reduce the number of Common Shares issued and outstanding from approximately 121,397,007 Common Shares to approximately 4,855,876 Common Shares. The Common Shares are expected to commence trading on the Toronto Stock Exchange (the “TSX”) and on the Nasdaq Capital Market (the “Nasdaq”) on a post-Consolidation basis on or about the opening of trading on July 21, 2022.
Remaining listed on Nasdaq is important to the Company’s performance, corporate visibility as well as overall awareness of Aeterna to current and potential investors. Aeterna proceeded with the…
