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Propanc Biopharma Announces No Immediate Plans for Reverse Stock Split
Company Filed a Definitive Information Statement Under Section 14C of the Exchange Act MELBOURNE, Australia--(BUSINESS WIRE)-- Propanc Biopharma, Inc.
About this update from Propanc Biopharma, Inc.
[{"type":"text","content":"\nCompany Filed a Definitive Information Statement Under Section 14C of the Exchange Act\n\n MELBOURNE, Australia--(BUSINESS WIRE)--\nPropanc Biopharma, Inc. (OTCQB: PPCB) (“Propanc” or the “Company”), a biopharmaceutical company developing novel cancer treatments for patients suffering from recurring and metastatic cancer, today announced that the Company filed a Definitive Information Statement under Section 14C of the Exchange Act on June 9, 2022, to increase the authorized shares of common stock and the option to effectuate a reverse split of common stock at the discretion of the Board. Mr. James Nathanielsz, BAS, MEI, CEO and Chairman at Propanc, believes the increase in authorized shares is necessary for the Company as a result of recent volatile market conditions, which have been broad and far reaching for microcap companies. Regarding the option for a reverse split of common stock, Mr. Nathanielsz does not foresee the Board proceeding in the near future due to a number of factors.\n\n“Volatile market conditions as a result of recent global events have meant that CEO’s of publicly listed Companies are navigating through unchartered waters. Propanc continues to remain proactive and will determine at the appropriate time if and when sufficient measures are needed to generate the best result for shareholders,” said James Nathanielsz. “My team and I have been working on a long-term plan and vision which we will continue to strive towards despite recent challenging market conditions, and accept that whilst we work on our strategic plans, the market takes time to see these plans harness the right valuation for shareholders. We firmly believe we have put a solid foundation in place to achieve success with our lead product candidate, PRP, as we advance towards early-stage clinical development. We are exploring potential opportunities with strategic partners and clinical researchers to advance the Company’s interests and will continue to provide timely market updates as we progress.”\n\nPRP is a mixture of two proenzymes, trypsinogen and chymotrypsinogen from bovine pancreas administered by intravenous injection. A synergistic ratio of 1:6 inhibits growth of most tumor cells. Examples include kidney, ovarian, breast, brain, prostate, colorectal, lung, liver, uterine and skin cancers.\n\nAbout Propanc Biopharma, Inc.\n\nPropanc Bio...