Pieris Pharmaceuticals Announces 1-for-80 Reverse Stock Split

Boston-based Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) has declared a 1-for-80 reverse stock split, effective at 5:00 pm Eastern Time on April 22, 2024. This measure is intended to help the company meet the minimum bid price requirement to maintain its listing on The Nasdaq Capital Market. Trading on a split-adjusted basis will begin on April 23, 2024.

The reverse split will adjust the total issued and outstanding shares from approximately 98.9 million to around 1.2 million. This adjustment also affects the total number of authorized shares, reducing them from 300 million to 3.75 million. The Company has adjusted the terms of its equity incentive plans, stock options, warrants, and preferred stock correspondingly to reflect the reverse split ratios.

Computershare Trust Company, N.A. will handle the exchange of the split shares. Stockholders owning physical certificates will receive specific instructions on how to exchange their shares for split-adjusted shares in book-entry form.