Iterum Therapeutics Plc (ITRM)

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ITRM > Iterum Therapeutics Announces Date of 1-for-15 Reverse Share Split
Download as PDFAugust 16, 2022
DUBLIN, Ireland and CHICAGO, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a clinical-stage pharmaceutical company focused on developing next generation oral and IV antibiotics to treat infections caused by multi-drug resistant pathogens in both community and hospital settings, announced today that it will effect a 1-for-15 reverse share split of its outstanding ordinary shares at 5.00 p.m. Eastern Time on August 17, 2022, which will be effective for trading purposes on the Nasdaq Capital Market as of the commencement of trading on August 18, 2022.

At the Annual General Meeting of Shareholders on June 15, 2022, the Company’s shareholders approved, subject to and conditional upon the Board of Directors of the Company determining, in its sole discretion, that a reverse share split is necessary for the Company to comply with the minimum $1.00 per share requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (“Bid Price Rule”), a reverse share split (i.e., a consolidation of share capital under Irish law) whereby every fifteen ordinary shares of $0.01 (nominal value) each in the authorized and unissued and authorized and issued share capital of the Company be consolidated into one ordinary share of $0.15 (nominal value) each, and the subsequent reduction in the nominal value of the ordinary shares in the authorized and unissued and authorized and issued share capital of the Company from $0.15 each to $0.01 each. The Company’s Board of Directors subsequently determined that the reverse share split was necessary for the Company to comply with the Bid Price Rule.

The Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “ITRM” and the new CUSIP number for the Company’s ordinary shares following the reverse share split will be G6333L 200. The reverse share split will reduce the number of ordinary shares outstanding from approximately 183.3 million to approximately 12.2 million post-split and will also proportionately reduce the number of authorized ordinary shares from 300 million to 20 million. The reverse share split will also apply to ordinary shares issuable upon the exercise of the Company’s outstanding restricted share units, share options, 6.500% Exchangeable Senior Subordinated Notes due 2025 and warrants, with a proportional increase in the respective exercise prices, as applicable. No fractional ordinary shares will be issued in connection with the reverse share split. Shareholders who would otherwise be entitled to a fractional ordinary share will be entitled to receive a proportional cash payment.

The Company’s transfer agent, Computershare, which is also acting as the exchange agent for the reverse share split, will provide instructions to shareholders regarding the process for exchanging physical share certificates. Shareholders holding their ordinary shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse share split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions. Additional information regarding the reverse share split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 25, 2022.

About Iterum Therapeutics plc

Iterum Therapeutics plc is a clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum Therapeutics is advancing its first compound, sulopenem, a novel penem anti-infective compound, in Phase 3 clinical development with an oral formulation and IV formulation. Sulopenem has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum Therapeutics has received Qualified Infectious Disease Product (QIDP) and Fast Track designations for its oral and IV formulations of sulopenem in seven indications.

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