VYNE Therapeutics Inc. (NASDAQ:VYNE) (“VYNE” or the “Company”), a biopharmaceutical company developing proprietary, innovative, and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced that its Board of Directors has approved a reverse stock split of the Company’s common stock at a ratio of 1-for-18. The reverse stock split was previously approved by stockholders at the Special Meeting of Stockholders on January 12, 2023.
The reverse stock split will become effective after market close on Friday, February 10, 2023 and shares will begin trading on a split-adjusted basis when the market opens on Monday, February 13, 2023. VYNE’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol VYNE. The reverse stock split is intended to enable VYNE to regain compliance with the $1.00 minimum bid price required for continued listing on the Nasdaq Capital Market. The new CUSIP number for VYNE’s common stock following the reverse stock split will be 92941V 308.
At a special meeting of stockholders held on January 12, 2023, VYNE’s stockholders approved a reverse stock split of VYNE’s common stock through an amendment to its Certificate of Incorporation at a ratio of not less than 1-for-10 and not more than 1-for-25, with such ratio to be determined by the Board of Directors. Additional information regarding the reverse stock split approved by stockholders can be found in VYNE’s definitive proxy statement filed with the Securities and Exchange Commission on November 25, 2022.
At the effective time of the reverse stock split, every 18 shares of VYNE’s issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-18 reverse stock split.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stockholder resulting from the reverse stock split will receive a proportional cash payment in lieu of receiving a fractional share as no fractional shares will be issued from the reverse stock split. The reverse stock split will reduce the number of shares of VYNE’s common stock outstanding from 58,533,691 shares to approximately 3,251,871 shares, subject to adjustment to give effect to the treatment of any fractional shares that stockholders would have received in the reverse stock split. Proportional adjustments will be made to the number of shares of VYNE’s common stock issuable upon exercise or conversion of VYNE’s equity awards and warrants, as well as the applicable exercise price. Stockholders who hold their shares in book-entry form or in “street name” (through a broker, bank or other holder of record) will not be required to take any action but should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company’s transfer agent, American Stock Transfer & Trust Company, LLC. toll-free at (800) 937-5449 or at (718) 921-8124.
