H-CYTE Announces 1-for-1,000 Reverse Stock Split
Strategic Decision to Support Improved Investor Profile and Potential Future Uplisting of Securities to Major Exchange
TAMPA, Fla., June 13, 2022 (GLOBE NEWSWIRE) -- H-CYTE, Inc. (OTCQB: HCYT), a medical biosciences company, today announced that the Board approved a 1-for-1,000 reverse stock split, effective 9:30 a.m. on Monday, June 13, 2022. The Company’s common stock will open for trading on the OTC Exchange on Monday, June 13, 2022 on a split-adjusted basis under the current trading symbol "HCYT." The reverse stock split was approved by H-CYTE’s stockholders on March 23, 2022.
Chief Executive Officer Michael Yurkowsky said, “As we approach our proposed uplisting to the NASDAQ Stock Exchange, this reverse stock split will provide us with the necessary trading price to satisfy the Exchange’s requirements. It will also allow H-CYTE to prepare for its next phase of growth and transformation into a leading biologics and therapeutic device incubator bringing new technologies to market.”
The 1-for-1,000 reverse stock split will automatically convert 1,000 current shares of H-CYTE’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. For stockholders who would otherwise hold a fractional share of H-CYTE’s common stock, the number of shares of common stock will be rounded up to the nearest whole share.
Upon effectiveness of the Reverse Stock Split, the number of shares of common stock held by each stockholder will be reduced by dividing the number of shares held immediately before the Reverse Stock Split by 1,000. As a result, the reverse split will reduce the number of shares of outstanding common stock from approximately 255,087,503 shares to approximately 255,089 shares. Proportional adjustments also will be made to the exercise prices of H-CYTE’s outstanding preferred stock, stock options and warrants, and to the number of shares issued and issuable under H-CYTE’s stock incentive plan.
Issuer Direct will act as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, Issuer Direct will send instructions for exchanging those certificates for shares held electronically in book-entry form or for new certificates, in either case representing the post-split number of shares.
In connection with the reverse stock split, the Company's CUSIP number will change to 404124307 as of 5:00 pm on Monday, June 13, 2022.
About H-CYTE, Inc.
H-CYTE is a medical biosciences company. H-CYTE’s mission is to become a leader in next-generation, cellular therapeutics for the treatment of chronic health conditions, with the ultimate goal of improving patient lives. For more information about H-CYTE, please visit www.HCYTE.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While H-CYTE believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those outlined in H-CYTE’s filings with the SEC, including but not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. H-CYTE expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
H-CYTE Investor Contact:
Alpha IR Group
Source: H-CYTE, Inc.
Released June 13, 2022