Aethlon Medical Announces Reverse Stock Split and Nasdaq Listing Submission
SAN DIEGO, April 8, 2015 /PRNewswire/ -- Aethlon Medical, Inc. (OTCQB:AEMD), a pioneer in developing targeted therapeutic devices to address infectious diseases and cancer, announced today that it will implement a 1-for-50 reverse split of its common stock. The implementation of the reverse stock split is subject to approval by the Financial Industry Regulatory Authority (FINRA). Upon approval by FINRA, the Company's common stock will trade on a split-adjusted basis under the temporary symbol "AEMDD," with the "D" appended to signify that the reverse stock split has occurred. The trading symbol will revert to "AEMD" after approximately 20 trading days. We currently anticipate that FINRA will approve the reverse stock split on April 10, 2015, however there can be no assurance that the effectiveness of the reverse stock split will occur on that date.
The Company also announced that it has submitted an initial listing application with the Nasdaq Stock Market to have its common stock approved for listing on the Nasdaq Capital Market. The Company's Board of Directors approved the stock split in part to support the Nasdaq Capital Market listing application. At present, the Company does not meet all of the initial listing requirements of the Nasdaq Capital Market and therefore the Company cannot assure that the listing will be approved.
The reverse split will reduce the number of shares of the Company's common stock outstanding from approximately 323 million to approximately 6.7 million. Proportional adjustments will be made to the Company's authorized shares, and to the terms and exercise price of outstanding options and warrants, as well as the conversion terms of the Company's outstanding convertible notes. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole share.
INFORMATION FOR STOCKHOLDERS
Upon the effectiveness of the reverse stock split, each fifty shares of issued and outstanding common stock will be converted into one share of the Company's common stock. Stockholders who have existing stock certificates will receive written instructions by mail from the Company's transfer agent, Computershare. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares. Such stockholders will be contacted by their brokers with instructions.
About Aethlon Medical, Inc.
Aethlon Medical creates medical devices that target unmet therapeutic needs in infectious disease and cancer. The company's lead product is the Aethlon Hemopurifier®, a first-in-class device that selectively targets the rapid elimination of circulating viruses and tumor-secreted exosomes that promote cancer progression. Exosome Sciences, Inc. is a majority owned subsidiary that is advancing exosome-based products to diagnose and monitor cancer, infectious disease and neurological disorders. Additional information can be found online at www.AethlonMedical.com and connect with the Company on Twitter, LinkedIn, Facebook and Google+.
Certain statements herein may be forward-looking and involve risks and uncertainties. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aethlon Medical, Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such potential risks and uncertainties include, without limitation, that Exosome Sciences, Inc. will not be able to commercialize its future products, including any that can be described as a liquid biopsy, that the FDA will not approve the initiation of the Company's future clinical programs or provide market clearance of the company's products, future human studies whether revenue or non-revenue generating of the Aethlon ADAPT™ system or the Aethlon Hemopurifier® as an adjunct therapy to improve patient responsiveness to established cancer or hepatitis C therapies or as a standalone cancer or hepatitis C therapy or as a broad spectrum defense against viral pathogens, including Ebola, the Company's ability to raise capital when needed, the Company's ability to complete the development of its planned products, the Company's ability to manufacture its products either internally or through outside companies and provide its services, the impact of government regulations, patent protection on the Company's proprietary technology, the ability of the Company to meet the milestones contemplated in the DARPA contract, product liability exposure, uncertainty of market acceptance, competition, technological change, and other risk factors. In such instances, actual results could differ materially as a result of a variety of factors, including the risks associated with the effect of changing economic conditions and other risk factors detailed in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
James A. Joyce
Chairman and CEO
(Office) 858.459.7800 x301
Chief Financial Officer
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SOURCE Aethlon Medical, Inc.
Released April 8, 2015