BrainStorm Provides Update on NASDAQ Uplisting Process
NEW YORK, NY and PETACH TIKVAH, ISRAEL--(Marketwired - Sep 9, 2014) - Brainstorm Cell Therapeutics (OTCQB: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, today announced that on September 15, 2014, it plans to effect a 1 for 15 reverse split of its issued and outstanding common stock as part of its intended plan to pursue a stock listing on the NASDAQ Capital Market.
"As we continue to make strides towards an uplisting, the reverse split, which received strong stockholder support at our annual meeting, is an important step, since the maintenance of a minimum closing price of $3.00 for at least five trading days is needed to fulfill the share price requirement for a NASDAQ listing," said Tony Fiorino, Chief Executive Officer of Brainstorm. "Meeting this requirement would allow us to move forward with our effort to list our common shares on the NASDAQ Capital Market, which we believe will result in better liquidity and a larger pool of potential investors in the company."
Dr. Fiorino will also be providing a general corporate update and overview in his presentation at the Rodman and Renshaw 16th Annual Global Investment Conference today at 1:40 PM EST. The webcast of his presentation may be accessed at http://wsw.com/webcast/rrshq24/bcli.
After giving effect to the reverse split on September 15, 2014, every 15 shares of the Company's issued and outstanding common stock will automatically be combined into one share of the Company's issued and outstanding common stock. The common stock will trade for 20 business days under the temporary ticker symbol "BCLID," with the "D" added to signify that the reverse split has occurred. After 20 business days, the symbol will revert back to the original symbol "BCLI." In connection with the reverse split, stockholders will not receive fractional post-reverse stock split shares; instead, holders will receive cash in lieu of fractional shares. The reverse stock split will not modify the rights or preferences of the common stock. The Company cannot guarantee that NASDAQ will approve the application for listing after the reverse split is completed.
About Brainstorm Cell Therapeutics, Inc.
Brainstorm Cell Therapeutics Inc. is a biotechnology company engaged in the development of first-of-its-kind adult stem cell therapies derived from autologous bone marrow cells for the treatment of neurodegenerative diseases. The Company holds the rights to develop and commercialize its NurOwn™ technology through an exclusive, worldwide licensing agreement with Ramot, the technology transfer company of Tel Aviv University. For more information, visit the company's website at www.brainstorm-cell.com.
Safe Harbor Statement - Statements in this announcement other than historical data and information constitute "forward-looking statements" and involve risks and uncertainties that could cause Brainstorm Cell Therapeutics Inc.'s actual results to differ materially from those stated or implied by such forward-looking statements. Terms and phrases such as "may", "should", "would", "could", "will", "expect", "likely", "believe", "plan", "estimate", "predict", "potential", and similar terms and phrases are intended to identify these forward-looking statements. The potential risks and uncertainties include, without limitation, risks associated with Brainstorm's limited operating history, history of losses; minimal working capital, dependence on its license to Ramot's technology; ability to adequately protect the technology; dependence on key executives and on its scientific consultants; ability to obtain required regulatory approvals; and other factors detailed in Brainstorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on Brainstorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
