Propanc Biopharma Announces Reverse Stock Split - May 23, 2023
BIOMARKER
1. Propanc Biopharma, Inc. announces a reverse stock split of its common stock at a ratio of 1 post-split share for every 1,000 pre-split shares.
2. The reverse stock split was approved by the company's board of directors and majority stockholder on May 1, 2023.
3. A certificate of amendment was filed with the Secretary of State of Delaware to effectuate the reverse stock split.
4. The common stock is expected to begin trading on a split-adjusted basis on May 23, 2023, under a new CUSIP number.
5. The reverse stock split does not impact the total number of shares authorized or the par value of the common stock.
6. The primary goal of the reverse split is to create long-term shareholder value and attract further investment.
7. Propanc aims to secure funding to advance its lead product candidate, PRP, and support joint research projects with universities.
8. PRP, a mixture of two proenzymes, shows promise in inhibiting the growth of various tumor cells.
9. The company is developing a novel approach using pancreatic proenzymes to target and eradicate cancer stem cells.
10. Propanc Biopharma's strategy focuses on preventing recurrence and metastasis of solid tumors in patients with pancreatic, ovarian, and colorectal cancers.