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Reverse Stock Split Update

Fri, 16th Nov 2018 16:00

RNS Number : 6701H
Akers Biosciences, Inc.
16 November 2018
 

November 16, 2018

 

Akers Biosciences, Inc.

 

Reverse Stock Split Update

&

Restoration of Trading on the AIM Market of the London Stock Exchange

 

Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a developer of rapid health information technologies, announces that the workstreams required for admission to the AIM market of the London Stock Exchange of the Company's consolidated common shares ("Admission") as a result of the reverse stock split announced on November 7, 2018 (the "Reverse Stock Split") have now been completed.

 

The Reverse Stock Split, at a ratio of one share of common stock for every eight shares of common stock, affected all stockholders uniformly and did not alter any stockholder's percentage interest in the Company's equity, except to the extent that the Reverse Stock Split would have resulted in a stockholder owning a fractional share. Fractional shares have not been issued as a result of the Reverse Stock Split; instead, the board of directors of the Company determined to effect an issuance of shares to holders that would otherwise have been entitled to a fractional share such that any fractional shares were rounded up to the nearest whole number. Following completion of the Reverse Stock Split, the Company will have a minimum of 12,457,956 shares of common stock ("New Common Shares") outstanding. The final calculation of the fractional entitlement round-ups on the Company's US share register will be finalized in due course. A further announcement will be made in due course to reflect any amendment to the total number of Common Shares outstanding following completion of this process.

 

The Company has applied for the 12,457,956 New Common Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on November 19, 2018. Following Admission, the Company's issued share capital will consist of 12,457,956 Common Shares with no Common Shares held in treasury. This figure may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

The Company has requested that trading in the Company's Common Shares on AIM resume with effect from 7.30 a.m. on November 19, 2018.

 

Inquiries:

 

Akers Biosciences, Inc.

Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer

Tel. +1 856 848 8698

 

finnCap (UK Nominated Adviser and Broker)

Ed Frisby / Scott Mathieson (Corporate Finance)

Tel. +44 (0)20 7220 0500

 

Vigo Communications (Global Public Relations)

Ben Simons / Fiona Henson

Tel. +44 (0)20 7390 0234

Email: akers@vigocomms.com

 

About Akers Biosciences, Inc.

 

Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.

 

Additional information on the Company and its products can be found at www.akersbio.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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