WEXFORD, Pa. - Coeptis Therapeutics Holdings, Inc. (NASDAQ: COEP), a biopharmaceutical company with a market capitalization of $8.68 million, has announced a 1-for-20 reverse stock split of its common stock, set to take effect at the start of trading on December 31, 2024. According to InvestingPro data, the stock has declined over 73% year-to-date, trading at $0.21. The decision follows approval from the company's board of directors and majority stockholders, who authorized a reverse split range of 1-for-3 to 1-for-40, leaving the final ratio at the board's discretion.
The reverse stock split will convert every 20 shares of Coeptis' issued and outstanding common stock into one share. This consolidation of shares is intended to increase the per-share trading price, allowing the company to meet the Nasdaq Capital Market's minimum bid price requirement of $1.00 per share. InvestingPro analysis reveals the company's weak financial health score of 1.68, with current assets covering only 40% of short-term obligations. The reverse split is expected to affect all shareholders uniformly, although adjustments for fractional shares will be rounded up to the nearest whole number.
This corporate action was approved during the company's Annual Stockholder's Meeting on December 18, 2024. Shareholders holding stock certificates will receive instructions from Continental Stock Transfer, the exchange and transfer agent, regarding the exchange of their certificates. Those with shares in brokerage accounts will not need to take any action as the exchange will be processed automatically.
Coeptis Therapeutics, with its subsidiaries, is engaged in the development of cell therapy platforms targeting cancer, autoimmune, and infectious diseases. The company's stock shows a negative beta of -0.9, indicating it often moves contrary to broader market trends. Get deeper insights and access to over 10 additional exclusive ProTips with InvestingPro. Their portfolio includes assets licensed from Deverra Therapeutics, such as an allogeneic cellular immunotherapy platform and a clinical-stage natural killer cell therapy technology. The company is also advancing a universal multi-antigen CAR technology and collaborating on cell therapy and diagnostic platforms with various partners.
The information in this article is based on a press release statement.
In other recent news, Coeptis Therapeutics has been engaging in a series of strategic initiatives. The biopharmaceutical company has announced the acquisition of the NexGenAI Affiliates Network platform, marking a significant move towards diversifying its growth potential. The NexGenAI platform is expected to provide AI-powered marketing software and robotic process automation capabilities, which Coeptis believes are crucial for optimizing marketing strategies and streamlining operations.
In addition to the NexGenAI acquisition, Coeptis launched a new division, Coeptis Technologies, aimed at expanding into the data security sector. The company has also broadened its license agreement with Deverra Therapeutics to include the use of unmodified natural killer cells for pandemic preparedness and emergency use.
Shareholders have approved several key proposals, including the election of seven director nominees and the appointment of Astra Audit & Advisory, LLC as the independent registered public accounting firm for the fiscal year ending December 31, 2023. A pivotal amendment to the company's certificate of incorporation was passed, authorizing a reverse stock split, and the issuance of up to $20.0 million of securities in connection with a Standby Equity Purchase Agreement received approval.
Coeptis has faced financial challenges, retracting its financial statements for several periods in 2023 and 2024 due to accounting errors. In response, it has appointed Astra Audit & Advisory, LLC as its new independent registered public accounting firm for the fiscal year ending December 31, 2024. Lastly, the company secured an extension to remain listed on the Nasdaq until January 15, 2025, contingent on compliance with the minimum bid price requirement.
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