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BioRestorative Therapies Announces Implementation of Reverse Stock Split in Preparation for Planned Uplisting to Nasdaq
MELVILLE, NY, Oct. 26, 2021 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BRTX” or the “Company”) (OTC: BRTX), a life sciences company focused on adult
About this update from Biorestorative Therapies, Inc.
[{"type":"text","content":"MELVILLE, NY, Oct. 26, 2021 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BRTX” or the “Company”) (OTC: BRTX), a life sciences company focused on adult stem cell-based therapies, today announced its intention to effect a 1-for-4,000 reverse split of its common stock in preparation for the planned listing of the Company’s securities on The Nasdaq Capital Market (“Nasdaq”). The reverse stock split will become effective at the open of business on Wednesday, October 27, 2021, and the Company’s common stock will begin trading on the OTC Markets system on a split-adjusted basis under the temporary ticker symbol “BRTXD” at that time. The fifth character “D” will remain appended to the Company’s symbol for 20 business days or until the Company is listed on Nasdaq, whichever comes first, at which point the Company’s trading symbol will revert back to “BRTX.” The new CUSIP number for the Company’s common stock is 090655 606. The Company has filed an application to list its common stock and warrants on The Nasdaq Capital Market and believes it satisfies the financial and liquidity requirements for listing other than the minimum share price and stockholders’ equity requirements. The reverse stock split is intended to enable the Company to meet the stock price requirement for initial listing on The Nasdaq Capital Market. Lance Alstodt, CEO of the Company, “Implementation of the reverse stock split was an important strategic decision for BioRestorative. We believe the action will best position the Company for uplisting to Nasdaq and provide us with greater access to capital by increasing our exposure to institutional investors, which will ultimately help us to achieve our stated strategic and operational goals.” Upon effectiveness of the reverse stock split, every 4,000 shares of the Company’s common stock outstanding will be converted into one share of common stock, with any fractional shares rounded up to one whole share. Accordingly, the number of shares of common stock outstanding following the reverse stock split will be reduced from 3,488,844,445 shares to 872,211 shares. # # # About BioRestorative Therapies, Inc. BioRestorative Therapies, Inc. (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treat...