PolarityTE's first regenerative tissue product is SkinTE ®. With respect to outstanding common shares, the Company will round up fractional shares otherwise resulting from the reverse stock split.Ībout PolarityTE ® PolarityTE, Inc., headquartered in Salt Lake City, Utah, is a biotechnology company developing regenerative tissue products. Proportional adjustments will be made to the terms and exercise prices of outstanding options and warrants and to the number of shares issuable under unvested restricted stock units. The reverse split will reduce the number of shares of the Company's common stock outstanding on May 16, 2022, from approximately 100.0 million shares to approximately 4.0 million shares. The reverse stock split is being effectuated in order to (i) fulfill the Company's obligations under the Securities Purchase Agreement dated March 15, 2022, pertaining to the registered direct offering of preferred stock and warrants of the Company, and (ii) increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. Thereafter, the Board of Directors determined to fix the ratio for the reverse stock split at 1-for-25. The Board of Directors was authorized to implement the reverse stock split and determine the ratio of the split within a range of not less than 1-for-10 or greater than 1-for-25. On May 12, 2022, the Company's stockholders approved the reverse stock split. PolarityTE (PRNewsfoto/PolarityTE, Inc.) (PRNewswire)
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