Inhibikase Therapeutics, Inc. (NASDAQ:IKT) (Inhibikase or Company), a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson’s disease (“PD”), Parkinson’s-related disorders and other diseases of the Abelson Tyrosine Kinases, today announced that it will effect a 1-for-6 reverse stock split of its common stock. The reverse stock split will become effective at 12:01A.M June 30, 2023. Inhibikase’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol “IKT” and will begin trading on a split-adjusted basis when the market opens on June 30, 2023.
The reverse stock split, which was approved by Inhibikase’s stockholders on June 23, 2023, is intended to bring the company into compliance with Nasdaq’s minimum bid price requirement. The new CUSIP number for the company’s common stock following the reverse stock split will be 45719W205.
At the effective time of the reverse stock split, every 6 shares of Inhibikase’s issued and outstanding common stock will be converted automatically into 1 issued and outstanding share of common stock without any change in the par value per share. This will reduce the Company’s number of shares of common stock outstanding from approximately 31.6 million shares to approximately 5.3 million shares.
No fractional shares of common stock will be issued as a result of the reverse stock split. Instead stockholders who would otherwise be entitled to receive a fractional share as a result of the reverse stock split will receive one whole share of our common stock in lieu of such fractional share. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in Inhibikase’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Proportional adjustments will be made to the number of shares of Inhibikase’s common stock issuable upon exercise of Inhibikase’s stock options and warrants, as well as the applicable exercise price.
