NLS Pharmaceutics Ltd. (NASDAQ:NLSP)(NASDAQ:NLSPW) ("NLS" or the "Company"), a Swiss clinical-stage biopharmaceutical company focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders, today announced that a reverse share split of the Company's issued and outstanding common shares, par value CHF 0.02 per share (the "Common Shares"), at a ratio of 1-for-40 is expected to be implemented at market open on September 27, 2024 (the "Reverse Split"). The Company's Common Shares are expected to begin trading on the Nasdaq Capital Market on a post-split basis at the market open on September 27, 2024, under the Company's existing trading symbol "NLSP", but will trade under a new CUSIP Number, H57830137. A notice of the reverse split will be filed with the commercial registry of the Canton of Zurich, Switzerland, on September 27, 2024. As a result, the reverse split will become effective in Switzerland on September 27, 2024, before Nasdaq market opening at 9:30 am (EST). Following its effectiveness in Switzerland, the reverse split will be published in the Swiss Official Gazette of Commerce (SOGC) on October 1, 2024, at 00:01am (Swiss time).
The reverse share split was approved by the Company's shareholders at the Company's extraordinary shareholders' meeting held on September 18, 2024 (the "Meeting").
After giving effect to the Reverse Split of the Company's Common Shares, each 40 Common Shares will be combined into one Common Share, such that the Company's 46,880,000 Common Shares outstanding will be reduced to approximately 1,172,000 Common Shares outstanding.
No fractional shares will be issued as a result of the Reverse Split and cash in lieu will be provided for any fractional shares resulting from the Reverse Split on a per shareholder basis. The Reverse Split will not impact any shareholder's percentage ownership of NLS or voting power, except for minimal effects resulting from the treatment of fractional shares. All options and warrants of the Company outstanding prior to the split will be appropriately adjusted.